Mortgage Brokering Technical Advisory Committee

Meeting Summary

Date: Wednesday, May 12, 2021
Time: 10:00 a.m. to 12:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the May 12, 2021 meeting.

Market Trends and Emerging Issues

The Committee and FSRA shared observations about recent trends and emerging issues in the mortgage industry.

Private Lending Examination Findings

FSRA shared the findings from its Private Lending Examination and sought the Committee’s feedback on potential areas of guidance.

Non-Qualified Syndicated Mortgage Investments (“NQSMI”)

FSRA highlighted its supervision approach for Non-Qualified Syndicated Mortgage Investments (NQSMIs) with Permitted Clients and legacy NQSMIs (effective July 1, 2021) and sought the Committee’s feedback on potential support needed before and after the transfer.

Mortgage Administrator Business Activities

FSRA indicated that one of its key focus areas in 2021-2022 will be to review Mortgage Administrators Business Practices. More specifically, FSRA will review the overall mortgage administrator’s compliance with the Mortgage Brokerages Lenders and Administrators Act, 2006 (“MBLAA”) and the May 12, 2020 Interpretation Guidance. The Committee discussed the main inherent business risks related to mortgage administration and potential opportunities on Mortgage Administrator Supervision.

Introduction to Updating Competencies and Curriculum for Mortgage Agents 

The committee was presented with the work required to update the Mortgage Broker Regulators’ Council of Canada’s Competencies and Curriculum for Mortgage Agents.

Next meeting

The next meeting of the committee will be scheduled for Fall 2021.

Attendance record

Invited/ Attended

Company Name

Attendance Status

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

Akber Abbas

8Twelve Mortgage Corp.


Sadiq Boodoo

Approved Financial




Ron Butler

Butler Mortgage


Ryan Francis

Parama Credit Union


Carla Gervais

The Mortgage Advisors (Verico)


Elizabeth Gnoinski

Boss Mortgages – The

Mortgage Center



Neil Gross

Component Strategies




Victoria Joly

Distinctive Real Estate

Advisors Inc.



Alex Leduc



Anthony Pistillo

Riverrock MIC


Murray Snedden

MarshallZehr Group Inc.


Marie Taylor



Gina Stephens

Ministry of Finance


FSRA members present:

Allan Amos, Roy Dias, Nadiatou Fagbemi, Jennie Hodgson, Wendy Horrobin, Bill Jandrisits, Antoinette Leung and team members from FSRA’s Market Conduct team; Rocca D’Angela, Thera Medcof and Abina Rogers from Policy team, Jessica Rose, Elissa Sinha and Michael Spagnolo from Legal and Enforcement team were present at the meeting. Serina Yau from FSRA’s Public Affairs team, as well as Fern Karsh from Consumer Office were also present.

Available in French upon request