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Mortgage brokering technical advisory committee
Meeting summary
Date: Monday, January 25, 2021
Time: 10:00 a.m. to 12:00 p.m.
Location: Videoconference
This summary sets out the key points discussed at the January 25, 2021 meeting.
Purpose of the committee
The committee will provide advice to FSRA management on the mortgage and real estate markets, and current and emerging real estate finance issues. FSRA will use this information to assess actual and potential impacts to consumers in general, borrower’s access to credit and the business and operations of the mortgage brokering industry in particular.
The committee will also provide input and feedback to FSRA management on matters related to Rules of Practice and Procedure, Filing Requirements, Guidelines, operational policies and other matters on any emerging issues affecting the sector.
Transparency of enforcement initiative
The Committee was presented with an overview of FSRA’s initiative to communicate enforcement actions more broadly. This initiative is critical to fulfilling FSRA’s statutory mandate to deter non-compliance, contribute to public confidence in the sector and protect the interests of consumers.
Consumer awareness initiative
FSRA indicated that it would like to raise awareness about the risks of private mortgage investments and to provide helpful tips to consumers. The Committee discussed methods for communicating to consumers about this type of investment.
Principal broker supervision
FSRA shared preliminary observations from its Principal Broker Supervision Questionnaire and sought the committee’s feedback on potential areas of guidance.
Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) Review Recommendations
The committee was presented with an overview of the seven MBLAA Review recommendations, including the process to seek industry feedback. The key themes of the recommendations are to reduce industry’s burden and strengthen consumer protection.
Proposed supervisory focus
FSRA shared its proposed preliminary supervision focus for 2021- 2022 and list of key topics to be discussed with the committee.
Next meeting
The next meeting of the committee will be scheduled for Spring 2021.
Attendance record
|
Invited/ Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Akber Abbas |
8Twelve Mortgage Corp. |
VC |
|
Sadiq Boodoo |
Approved Financial |
VC |
|
Ron Butler |
Butler Mortgage |
VC |
|
Ryan Francis |
Parama Credit Union |
VC |
|
Carla Gervais |
The Mortgage Advisors (Verico) |
VC |
|
Elizabeth Gnoinski |
Boss Mortgages – The |
VC |
|
Neil Gross |
Component Strategies |
VC |
|
Victoria Joly |
Distinctive Real Estate |
VC |
|
Alex Leduc |
Mortgauge |
VC |
|
Anthony Pistillo |
Riverrock MIC |
VC |
|
Murray Snedden |
MarshallZehr Group Inc. |
VC |
|
Marie Taylor |
FCT |
VC |
|
Elizabeth Elder |
Ministry of Finance |
VC |
|
Gina Stephens |
Ministry of Finance |
VC |
FSRA members present:
Nadiatou Fagbemi, Jennie Hodgson, Wendy Horrobin, Bill Jandrisits, Antoinette Leung, Huston Loke and Cheryl Mak from FSRA’s Market Conduct team; Rocca D’Angela, Joel Gorlick, Thera Medcof and Abina Rogers from Policy team, and Jessica Rose and Elissa Sinha from Legal and Enforcement team were present at the meeting. Melissa Hogg and Serina Yau from FSRA’s Public Affairs team, as well as Fern Karsh from Consumer Office were also present.