The 2010-2014 Report on FSCO's Compliance Reviews of Mortgage Brokerages has now been posted to the FSCO website.
About the Report
Since the introduction of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), the Financial Services Commission of Ontario (FSCO) has conducted a series of on-site examinations of mortgage brokerages to ensure consumer protection. This Report summarizes the results of examinations conducted from 2010 to 2014.
Based on the analysis of all the examinations conducted in the period from 2010-2014, the overall results demonstrate the majority of mortgage brokerages understand the requirements of the legislation and FSCO's expectations of brokerages. It is however noted that brokerages still need to make improvements to their policies and procedures in certain areas such as providing adequate disclosures to borrowers and investors/lenders.
The following compliance reports are posted to the FSCO Website:
- Report on FSCO's Compliance Reviews of Mortgage Brokerages 2010-2014
- Report on FSCO's Compliance Reviews of Mortgage Administrators (June 2011)
- Report on FSCO's Compliance Reviews of Mortgage Brokerages (May 2010)
If you have questions, email ContactCentre@fsco.gov.on.ca