ID
2021-014

Type
Policy
Sector
Mortgage Brokering
Status
Public comment closed
Date
Comment Due Date

The Financial Services Regulatory Authority of Ontario (FSRA) continues to focus on protecting consumers and achieving regulatory efficiency in the mortgage brokering sector. To align with these efforts, FSRA is working to implement the Government of Ontario’s proposed licensing exemption for certain businesses engaging in mortgage transactions.

FSRA is now consulting on proposed guidance on licensing exemption eligibility under draft proposed amendments to Ontario Regulation 407/07 under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). The exemption applies to certain businesses that do not deal with individual consumers. This proposed guidance provides FSRA’s Interpretation of the types of businesses that would be exempt from licensing with FSRA.

Learn more

FSRA and the Ministry of Finance, in consultation with the industry, are working collaboratively to implement recommendations from the 2019 report on the government’s review of the MBLAA.

FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.

Useful link:

  • Thank you for your feedback on FSRA’s proposed licence exemption guidance for mortgage transactions between sophisticated entities. Your feedback helped inform our final guidance, which we have now posted. A summary of stakeholder feedback is now available.
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Sector Comment Date posted
[2021-014] Judith Ann Gama - Aimacon International Inc.
I strongly believe that no person or entity should be exempted from Mortgage services licensing. Doing so will create utter chaos in the industry. Compliance and monitoring and consumer protection will be impossible. Everyone wishing to do mortgage service business should be licensed and be subjected to the same Rules and Regulations that apply to licenced Mortgage Brokers and Agents.
Mortgage Brokering
[2021-014] Giuliana (Julie) Galati - Canadian Development Capital & Mortgage Services Inc.
I STRONGLY DO NOT AGREE WITH THIS PROPOSED LICENCING EXEMPTION GUIDANCE FOR NON LICENCED INDIVIDUALS.
IT SHOULD BE MANDATORY FOR ALL TO BE THE SAME LICENCING QUALIFICATIONS.
Cross Sector
[2021-014] Anoop Bungay - MQCC.org
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