How to report possible mortgage fraud

If you suspect that you might be a victim or target of a scam or mortgage fraud you can put an end to the scam or fraud by reporting it. As a first step, report the matter to your local police. If you wish to remain anonymous, you can also submit a tip to Crime Stoppers[New Window] (1-800-222-TIPS) or to the Canadian Anti‑Fraud Centre [New Window]. If you wish to obtain legal advice, please note that the Law Society of Upper Canada [New Window] has services to help you find a legal professional.

 

The Financial Services Commission of Ontario (FSCO) regulates the mortgage brokering industry in Ontario by enforcing the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). If licenced mortgage agents, brokers, brokerages or administrators contravene the Act, FSCO has the authority to take action. This includes issuing monetary penalties, revoking or suspending a mortgage licence, and issuing cease and desist orders. FSCO does not have the authority to offer restitution for any financial losses related to investments, products or its enforcement actions, but the information you provide assists us with determining if there is a contravention.

 

To report suspected mortgage fraud to FSCO follow the steps below:

 

  1. Write to the principal broker at the mortgage brokerage. If you make a complaint in writing about the mortgage business activities of the brokerage or any of its brokers or agents, the brokerage must give you a written response to the complaint telling you how they propose to resolve the matter.
  2. Once you have received the response from the brokerage, and if you have not been able to resolve your complaint, or you still suspect non-compliance with the MBLAA, report it to FSCO by completing the Business Activity Complaint Form [PDF Document] Size: ## kb.
  3. Mail the completed form, the correspondence with the brokerage and any other information or documentation that is relevant to your concern to FSCO at the address below.
  4. FSCO will send you an acknowledgement letter that includes the contact information of the staff member assigned to your complaint.
  5. After she has an opportunity to review the information you have submitted, she will follow up with you to explain FSCO’s role in the process, how the process works, what we can and can’t do (for example we are not able to recover funds), how long the process will take and how we see the complaint proceeding.  

Please note that while FSCO investigates all complaints submitted through this process, if you do not include your contact details on the Complaint Form we will be unable to follow up to let you know the details of our findings.

 

If you need additional information on how to file a complaint about possible mortgage fraud, please call FSCO at (416) 250-7250, toll-free: 1-800-668-0128.

 

FSCO’s Mailing Address:

 

Financial Services Commission of Ontario

Licensing & Market Conduct Division

Mortgage Brokerage/Administrator Complaints

5160 Yonge Street
16th Floor
Toronto, ON  M2N 6L9

 

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