Mortgage Brokering Technical Advisory Committee Meeting Summary

Date: Monday, November 28, 2022
Time: 1:00 p.m. to 3:00 p.m.
Location:
25 Sheppard Avenue West, Toronto, Ontario
Videoconference

This summary sets out the key points discussed at the November 28, 2022, meeting.

Roundtable

The Committee and FSRA shared observations on recent trends and emerging issues in the mortgage industry. Topics discussed include dual licensed mortgage agents, changing mortgage qualification requirements and increasing fees.

The principal broker’s supervision obligations

FSRA sought the Committee’s preliminary feedback on proposed regulatory expectations of Principal Brokers and drivers for their success.

Mortgage suitability assessments

FSRA provided an update on this initiative and sought the Committee’s feedback on the most effective way to confirm client’s understanding of the recommended mortgage and why it is recommended.

FSRA Forward progress update

FSRA provided an update on upcoming improvements to the Mortgage Brokering Portal and noted that there would be an opportunity for individuals to volunteer to test the system to ensure it meets their needs.

Next meeting

The next meeting of the committee will be scheduled for Winter 2023.

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

A

Kevin Fettig

CMI Financial Group

VC

Carla Gervais

The Mortgage Advisors (Verico)

VC

Elizabeth Gnoinski

Boss Mortgages – The

Mortgage Center

 

VC

Neil Gross

Component Strategies

Consulting

 

VC

Victoria Joly

Distinctive Real Estate

Advisors Inc.

 

R

Alex Leduc

Perch (Mortgauge)

VC

David Morrison

Morrison Financial

A

Anthony Pistillo

RiverRock MIC

A

Murray Snedden

MarshallZehr Group Inc.

A

Marie Taylor

FCT

VC

Gina Stephens

Ministry of Finance

VC

FSRA members present:

Jennie Hodgson, Wendy Horrobin, Antoinette Leung, and Natalia Molka from FSRA’s Market Conduct team; Joel Gorlick and Abina Rogers from Policy team were present at the meeting. Martina Aswani, John Caldwell, Jason Harris, Siddhartha Kalita, Adam Levy and Chris Zolis from Legal and Enforcement team, Mark Cocklin from Digital Transformation, as well as Serina Yau from FSRA’s Public Affairs team were also present.

Available in French upon request