Disponible en français sur demande.

Mortgage Brokering Technical Advisory Committee

Meeting summary

Date: Tuesday, June 4, 2024 
Time: 2:00 p.m. to 4:00 p.m.
Location: 25 Sheppard Avenue West, Suite 100
Toronto, ON M2N 6S6
Videoconference – Microsoft Teams 

This summary sets out the key points discussed at the June 4, 2024 meeting.

Welcome

The Chair welcomed TAC members to the meeting and expressed thanks for their engagement and feedback during meetings.

2023 MBLAA legislative review

A presentation from the Ministry of Finance (MOF) informed members that the legislative review consultation is currently ongoing and outlined the key focus areas. An overview of the consultation process was shared with the Committee. The Committee was encouraged to provide feedback and recommendations.

Post-licensing renewal update

The Committee was presented with a licensing statistics update as well as compliance rates for Annual Information Return filings. The Committee was also advised of the new licence application suitability questions that are being considered. The new proposed licensing suitability questions for mortgage broker, mortgage agent, mortgage brokerage and mortgage administrator licence applications were shared and FSRA sought the Committee’s feedback, encouraging the Committee to share their suggestions and comments on information and data that will be useful to assess suitability for licensing.

Enforcement update

FSRA provided an overview of the different types of enforcement actions it takes and provided some examples of consumer protection concerns and sanctions imposed. The Committee was also asked to share their feedback regarding the transparency, effectiveness and perception of the different types of sanctions being taken in the sector.

IT Risk Incident portal

FSRA presented the Committee with an overview of the IT Risk Management Guidance and the high-level outcomes it seeks to achieve. FSRA shared the process for regulated firms to report IT Risk Incidents and highlighted the importance of timely incident reporting to FSRA.

Roundtable discussion

FSRA and the Committee discussed the continuing education requirement for mortgage broker and mortgage agent licence holders. The Committee also shared observations of recent trends and emerging issues in the mortgage industry.

Next meeting

The next meeting of the committee will be on Thursday September 19, 2024, from 10 a.m. to 12 p.m.

Attendance record

Invited/attended

Company name

Attendance status

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

Sadiq Boodoo 

Approved Financial Services

A

Guido Di Franco

Richview Capital MIC Inc. / Mortgage Architects Experts

R

Kevin Fettig

CMI Financial Group

VC

Carla Gervais

The Mortgage Advisors (Verico)

R

Elizabeth Gnoinski

Boss Mortgages – The Mortgage Center 

VC

Anisa Sherwood Lancione

Mortgage Brokers City

R

Alex Leduc

Perch (Mortgauge)

VC

Dong Lee

Axiom Innovations

A

David Morrison

Morrison Financial

A

Sona Shah

Coronation Group Inc.

A

Kate Wybrow

FCT Insurance

VC

Daniel Vyner

DV Capital

A

Monica Liang

MOF

VC

FSRA members present:

Rocca D’Angela, Kelly Le, Jessica Rose (Virtual), Yvonne Ehinlaiye (Virtual), Antoinette Leung, Elissa Sinha (Virtual), Nadiatou Fagbemi, Cheryl Mak, Gina Stephens, Jason Harris, Yovanka McBean, Cheryl Szutu (Virtual), Jennie Hodgson, Trevor McKillop (Virtual), Dave Veeren, Sandra Jordan, Jelena Pejic, Siddhartha Kalita, Trisha Richards

Available in French upon request