Practices, Activities and/or Standards for Mortgage Brokerage's or Administrator's Policies and Procedures - Examples (Supplied by Industry Members)

Note that some of these examples are governed by specific regulations under the Mortgage Brokerages, Lenders and Administrators Act, 2006 [New Window].
“What are examples of some of the types of practices, activities and/or standards that you will be including in your policies and procedures, over and above the legal requirements for your Mortgage Brokerage or Administrator?”
  • Procedures for handling complaints.
  • Policies for fees (include the maximum amount for fees, when and what fees can be charged, and rules for setting fees and charges).
  • Policies for collecting supporting documents.
  • A new requirement – all Mortgage Brokers and Agents must complete a checklist for each mortgage file.
  • A new policy – all Mortgage Brokers and Agents must verify each client’s identification, and inform the client/lender/investor about the risk involved with the mortgage.
  • Policies and procedures for office administration, loan origination, software, mortgage life insurance, ministry regulations and best practices.
  • Policies and procedures for advertising, co-brokering, ethics, best practices, websites and guidelines.
  • A code of conduct, ethics code, audit requirements, file completion requirements, employment equity standards, an internal dispute resolution process, customer complaint process, etc.
  • Policies and procedures for establishing documentary requirements for confirming the identities of potential borrowers, establishing credit guidelines and approval levels, and setting requirements for using appraisers via a national, neutral vendor that objectively selects and vets appraisers.
  • Policies and procedures on ethics, disclosure, and privacy of information.
  • Mandatory workshops/orientation for new Mortgage Brokers/Agents.
  • Require Mortgage Brokers and Agents to attend mandatory meetings each month to review the Mortgage Brokerage’s regulations, policies and procedures.
  • Policies and procedures on privacy, payroll processes and emergency procedures.
  • A new requirement - all Mortgage Agents should complete an agency agreement with borrowers, similar to the real estate industry.
  • A new policy - obtain credit bureau information only after an applicant signs the Mortgage Brokerage’s approved mortgage application form.
  • A new policy - store confidential client data in a secure cabinet that is locked upon leaving the premises.
  • A new policy for where Mortgage Brokerage, Broker and Agent licence numbers need to appear on public relations material (e.g. business cards, letterhead, cheques, web sites etc.)

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