Mortgage Brokering Technical Advisory Committee
Meeting summary
Date: Thursday, May 11, 2023
Time: 10:00 a.m. to 12:00 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 May 11, 2023, meeting.
Welcome
The Chair called the meeting to order and welcomed TAC members.
Renewals and new mortgage agent classes update
FSRA provided an update to the TAC on the new licensing classes which became effective on April 1st, 2023, a day after the renewal period closed. TAC members were informed that FSRA continues its messaging to the sector about the requirement related to the challenge exam and the private mortgage course ahead of the upcoming deadlines in October 2023 and March 2024.
Fee Rule update
FSRA shared Fee Rule status after initial industry comments received with the TAC and clarified new fees as well as start date.
Mortgage product suitability assessment Guidance
Mortgage suitability obligation rests on mortgage brokerages and through the mortgage brokers and agents who act on their behalf.
FSRA has put together guidance based on some feedback from MBRCC and discussed expectations with the TAC in order to get their feedback.
Enforcement and escalated matters update
Since January 2020 about 40-45% of FSRA’s legal work in enforcement was in the Mortgage Brokering sector.
Transparency of enforcement
As of April 2023, FSRA introduced a searchable enforcements database on its website for all actions taken in the mortgage sector, including more detailed notices for proposal.
2023 Consumer research
The purpose of the study was to assess consumers’ experiences when dealing with mortgage brokers and their expectations for the sector, especially when engaging to receive non-conventional mortgages. The key focus was on vulnerable consumers.
The findings are expected to be published soon.
Next meeting
The next meeting of the committee will be scheduled for Thursday September 14, 2023 from 1.00 pm – 3.00 pm.
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 |
VC |
|
Kevin Fettig |
CMI Financial Group |
A |
|
Carla Gervais |
The Mortgage Advisors (Verico) |
VC |
|
Elizabeth Gnoinski |
Boss Mortgages – The Mortgage Center |
VC |
|
Neil Gross |
Component Strategies Consulting |
A |
|
Victoria Joly |
Distinctive Real Estate Advisors Inc. |
A |
|
Alex Leduc |
Perch (Mortgauge) |
VC |
|
David Morrison |
Morrison Financial |
A |
| Dong Lee | DLCG / Mortgage Architects | VC |
|
Anisa Sherwood Lancione |
Mortgage Brokers City |
VC |
|
Marie Taylor |
FCT |
R |
|
Gina Stephens |
Ministry of Finance |
VC |
| Monica Liang | Ministry of Finance | VC |
FSRA members present:
Antoinette Leung, Chris Zolis, Dave Veeren (Secretariat), Elissa Sinha, Jason Harris, Jelena Pejic, Jennie Hodgson, Jessica Rose, Jisha Sarwar, Joel Gorlick, Nadiatou Fagbemi, Natalia Molka (Support), Rocca D’Angela, Serina Yau, Siddhartha Kalita, Stuart Wilkinson and Wendy Horrobin were present at the meeting.
Available in French upon request