Mortgage Broker Stakeholder Advisory Committee (SAC) Meeting with FSRA Board of Directors
Summary of the May 1, 2026 Meeting (in person and virtually via Teams)
SAC members present:
Oghogho Bawo-Oteri – 8Twelve Mortgage
Lauren van den Berg – Mortgage Professionals Canada
Amalia Costa – Independent/Consumer
Arjun Saraf – New Haven Mortgage
Nick Kyprianou - RiverRock
Leah Zlatkin – Mortgage Outlet
Bill Jandrisits – Normera Capital
Jean-Pierre Boutros - Citius
John Harry – Thompson Harry Realty Advisors Inc.
Sophie Lamontagne – Appraisal Institute of Canada
Gregory Banfield – Home Ownership
Susan Redmayne – First National Financial LP
FSRA Board members present:
Ali Salahuddin – Director (Meeting Chair)
Steve Geist - Director
Joseph Iannicelli - Director
Peggy McCallum - Director
Lucie Tedesco - Director
Rob Wellstood - Director
Stewart Lyons - Director
FSRA Management members present:
Tracey Chinman - Executive Vice President, Corporate Services
Andrea Foy - Senior Manager, Mortgage Broker and Title Protection Policy
Dexter John - Chief Executive Officer
Jeff Kehoe - Executive Vice President, Legal and Enforcement
Meghan Kilty - Chief Public Affairs Officer
Antoinette Leung - Executive Vice President, Market Conduct
Jelena Pejic - Head, Licensing and Risk Assessment
Gina Stephens - Director, Mortgage Broker Conduct
Corporate Secretary’s office:
Danelle Brown – Corporate Secretary / Deputy General Counsel
General comments
The Meeting Chair welcomed the Committee and expressed appreciation for the time, efforts and engagement of the SAC members.
The Committee discussed important themes in the mortgage broker sector.
Regulatory burden
SAC members discussed the challenges of navigating the different regulatory requirements (provincial and federal) and that additional clarity is required for the sector to support compliance.
Bad actors/unlicensed activity
SAC members raised concerns about “bad actors” and unlicensed mortgage professionals in the sector. SAC members suggested increased transparency from FSRA regarding the outcomes of complaints/investigations to support greater consumer confidence in the sector.
Insufficient education / knowledge
SAC members discussed the need for a higher barrier to entry, which could be achieved through increased licensing and education requirements for agents and brokers. A greater level of education is required to help industry navigate the increased complexity of mortgage deals, current difficult economic environment and market uncertainty, and the increased need for agents and brokers to consider other financial issues beyond housing to provide suitable mortgage product advice / recommendations (e.g., the SAC suggested financial planning concepts should be included in education requirements).
Market dynamics
The SAC discussed current market dynamics, which has resulted in mortgage files becoming more complex than ever (e.g., greater instances of individuals obtaining second and third mortgages, weakening of consumer credit, higher mortgage rates, increased timeline to address foreclosures). Members also noted the rise in mortgage arrears and challenges that lenders encounter in enforcing on a mortgage.
Consumer education
The SAC discussed what could be done to educate consumers on the mortgage process and risks. It was suggested that FSRA should leverage information already available online to help consumers make the right decisions.