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Mortgage Brokering Technical Advisory Committee

Meeting summary

Date: Wednesday, June 22, 2022
Time: 1:30 p.m. to 3:30 p.m.
Location: Videoconference

This summary sets out the key points discussed at the June 22, 2022, meeting.

FSRAForward – Mortgage Brokering portal update

FSRA provided an update on upcoming improvements to the Mortgage Brokering Portal as part of the FSRAForward initiative and discussed opportunities for the sector to provide feedback.

FSRA’s Consumer Office survey

FSRA presented an overview of the 2022 Consumer Research Survey conducted to understand the experience of consumers in the mortgage brokering sector. The TAC committee and FSRA discussed the survey results.

Mortgage brokers and mortgage administrators fees

FSRA provided an update on the mortgage brokering sector Fee Rule review and the potential fee models being considered. The Committee provided feedback on the proposed fee models.

Mortgage fraud

The Committee and FSRA discussed the development of guidance that sets out FSRA’s expectations concerning actions licensees must proactively take to identify and follow up on document falsification.

Market trends and 2022-2023 supervision focus

FSRA shared the 2022-2023 supervision focus indicating that attention will be on processes around assessing suitability of a mortgage for the client and principal broker supervision practices.

Next meeting

The next meeting of the committee will be scheduled for September 30, 2022.

Attendance record

Invited/ Attended

Company Name

Attendance Status

(A)ttended; (R)egrets; (S)ubstitute; (VC)Teleconference

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.

 

VC

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

Gina Stephens

Ministry of Finance

VC

FSRA members present:

Nadiatou Fagbemi, Jennie Hodgson, Wendy Horrobin, Antoinette Leung, Huston Loke, Jelena Pejic, and team members from FSRA’s Market Conduct team; John Huynh, Fern Karsh, Thera Medcof and Jisha Serwar from Policy team were present at the meeting. Tamara Brooks, Elissa Sinha and Michael Spagnolo from Legal and Enforcement team, Mai Vo from Financial Planning and Analysis team, John Slowakiewicz and Allison Wendt from Digital Transformation, as well as Serina Yau from FSRA’s Public Affairs team were also present.