The checklists below provide a summary of the requirements in the regulations relating to standards of practice and reporting requirements under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) in an easy-to-read format.
Checklist on Detecting and Preventing Mortgage Fraud
Mortgage fraud is a growing problem that is estimated to cost hundreds of millions of dollars in Canada each year. To assist mortgage brokerages, administrators, brokers and agents in combating this issue, the Financial Services Commission of Ontario (FSCO) has developed a new
Checklist on Detecting and Preventing Mortgage Fraud.
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This checklist is based on industry best practices and the Standards of Practice regulations under the MBLAA. It was developed in consultation with industry stakeholders and is a helpful fraud prevention tool for Ontario’s mortgage brokering industry. Mortgage brokerages, administrators, brokers and agents are strongly encouraged to use this checklist in their day-to-day business.