Improve the Supervision of Business Conduct in Mortgage Brokerages – Examples (Supplied by Industry Members)

"What are examples of some approaches or methods that you might recommend to improve the supervision of business conduct in Mortgage Brokerages?"
  1. Regular performance reviews.
  3. Prior to paying a Mortgage Agent, audit his/her files to make sure they are in compliance. This audit should check for fraud and any items that look suspicious.
  5. Review all deals closely.
  7. Monitor private funds.
  9. Conduct spot audits of files as Mortgage Brokers/Agents work on them to ensure compliance.
  11. Develop a policies and procedures manual for Mortgage Brokers, Agents and support staff.
  13. The Mortgage Brokerage should approve all public relations and marketing materials.
  15. The Principal Broker should approve and have copies of all correspondence going to the public.
  17. Create a trade record form that needs to be included in all mortgage files.
  19. Require the Principal Broker to review each file and check that it complies with documentary and suitability requirements.
  21. Ensure Mortgage Brokers and Agents continue taking education courses. 

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