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Mortgage Brokering Technical Advisory Committee
Meeting summary
Date: Monday, February 14, 2022
Time: 10:00 a.m. to 12:20 p.m.
Location: Videoconference
This summary sets out the key points discussed at the February 14, 2022 meeting.
Market trends, emerging issues and regulatory updates
The Committee and FSRA shared observations on recent trends and emerging issues in the mortgage industry.
FSRA shared the probable evolution of the Mortgage Brokering business model and the corresponding regulatory implication on mortgage borrower protection. FSRA indicated that its Fee Rule will be reviewed in 2022 and different potential fee models, some of which were presented to the TAC, are being considered.
Proposed new MBLAA licensing classes
The Committee was presented with the proposed transition requirements for the new MBLAA licensing classes and the implications for existing licensees. Committee members were encouraged to provide feedback on the draft regulation amendments and FSRA Guidance posted for public consultation from February 11th to March 14th.
Licensing Updates
FSRA provided updates on changes to the structure of the Licensing and Risk Assessment Team.
Next meeting
The next meeting of the committee will be scheduled for April 29, 2022.
Attendance record
|
Invited/ Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Sadiq Boodoo |
Approved Financial Services |
VC |
|
Guido Di Franco |
Richview Capital MIC Inc. / Mortgage Architects Experts |
VC |
|
Kevin Fettig |
CMI Financial Group |
VC |
|
Carla Gervais |
The Mortgage Advisors (Verico) |
VC |
|
Elizabeth Gnoinski |
Boss Mortgages – The Mortgage Center |
VC |
|
Neil Gross |
Component Strategies Consulting |
VC |
|
Victoria Joly |
Distinctive Real Estate Advisors Inc. |
R |
|
Alex Leduc |
Perch (Mortgauge) |
VC |
|
David Morrison |
Morrison Financial |
VC |
|
Anthony Pistillo |
Riverrock MIC |
VC |
|
Murray Snedden |
MarshallZehr Group Inc. |
VC |
|
Marie Taylor |
FCT |
VC |
|
Ellis Martin-Wylie |
Ministry of Finance |
VC |
|
Gina Stephens |
Ministry of Finance |
VC |
FSRA members present:
Nadiatou Fagbemi, Wendy Horrobin, Antoinette Leung, Mai Vo and team members from FSRA’s Market Conduct team; Rocca D’Angela, Joel Gorlick, and Abina Rogers from Policy team were present at the meeting. James Tennant from Innovation office, Jessica Rose and Elissa Sinha from Legal and Enforcement team, Emil Taimazov from Financial Planning and Analysis team, Serina Yau from FSRA’s Public Affairs team, as well as Fern Karsh from Consumer Office were also present.