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