Mortgage Brokering Technical Advisory Committee
FSRA is seeking mortgage industry representatives to participate on the Mortgage Brokering Technical Advisory Committee (TAC). TAC members will provide FSRA their observations on market conditions and operations. These include issues and challenges that consumers seeking credit and/or the industry face. The TAC would also provide input and suggestions for improving the mortgage brokering industry while supporting consumer protection.
The TAC will be an important part of FSRA’s stakeholder engagement process. It will assist FSRA in developing its policy and supervisory approaches for the mortgage brokering sector. The TAC will help FSRA stay current on developments in and issues facing the sector. This will enable stakeholders to provide timely advice and feedback.
TACs are different from Stakeholder Advisory Committees (SACs). Technical advisory groups and committees provide advice, input and feedback to FSRA management on matters related to the Rules of Practice and Procedure, Filing Requirements, Guidelines, operational policies and other matters. SACs serve as consultation bodies to the FSRA Board on FSRA's priorities and budget and other matters as the Board deems appropriate.
The TAC will be a standing forum for FSRA management and stakeholders to:
- Exchange information and views about the mortgage and real estate markets and any key developments;
- Discuss any emerging real estate finance issues, as well as innovation in the industry;
- Assess any impact to (a) consumer protection, (b) borrowers’ access to credit and (c) the business and operations of the industry;
- Provide input on its annual supervision focus and business plan;
- Review current FSRA requirements and processes, and provide suggestions to modernize requirements and/or reduce burden; and
- Provide input to FSRA policy development, including guidance.
The nomination period is now closed.
Appointments and Term
FSRA will appoint members based on the skills and experience of the nominees, with an emphasis on ensuring adequate diversity in representation of different stakeholders noted below.
Individual organizations cannot have more than one member on the TAC at a time.
Members will be appointed for three-year terms.
FSRA will post the names of TAC members on its website.
The TAC is made up of 10 – 12 industry representatives. FSRA may choose to add or remove a member at any time.
The TAC will have representation from stakeholders with different business models that are involved in different aspects of a mortgage transaction, including:
The TAC will also include at least:
Members of the TAC should be senior members of their respective organization or profession who have operational experience and can represent their organization or profession on relevant issues related to the mortgage or related industry.
FSRA expects TAC members to:
FSRA Members and Other Attendees
FSRA’s Head, Financial Institutions and Mortgage Brokerage Conduct or his/her designate will chair the TAC.
FSRA’s CEO, other FSRA staff and Ministry of Finance staff may participate in the TAC as ex officio members or may attend meetings as needed based on issues discussed.
The Chair may invite representatives from other government agencies as observers at meetings, with prior notification to TAC Members.
- More proactive and proportional supervision to address misconduct causing consumer harm that arises from changing or emerging market conditions, business models or practices;
- More timely evolution of FSRA’s supervision and policy making to reduce unnecessary burden to the industry and to accommodate responsible innovation by the industry; and
- A regulatory framework for the mortgage brokering industry that appropriately balances consumer protection, industry efficiency and proportional supervision.
The TAC’s role is advisory in nature. FSRA will consider its advice and recommendations in supervision and policy development for the mortgage brokering sector. However, they may or may not result in action or policy change.
The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will (unless otherwise specified by FSRA) apply to information provided by FSRA to the TAC and to material prepared by or for the TAC for presentation or delivery to FSRA.
TAC members may be required to sign a Non-Disclosure Agreement before assuming a position on the TAC or for specific meetings.
TAC members are permitted to obtain assistance from colleagues or collaborators. However, TAC members and those who assist them are required to maintain the confidentiality of all information provided to the TAC, or prepared by or for the TAC for presentation or delivery to FSRA, with the exception of information made public by FSRA, including any submissions by the TAC or its members as part of a public comment process sponsored by FSRA.
Meetings, agendas and deliverables
The TAC will meet three to four times each calendar year. The Chair may call additional meetings as required.
FSRA staff will provide administrative support for the TAC, including meeting coordination, distribution of agendas, briefing materials, meeting summaries, and other related materials. FSRA will endeavour to provide the meeting agenda and materials to TAC members at least seven business days before each meeting.
Quorum for a meeting of the TAC will be more than 50 per cent of its members present either in person or via remote conferencing.
At each TAC meeting, FSRA will take minutes to record general discussion topics and formal recommendations. The minutes will be accepted and approved by the TAC at its next meeting or sooner by e-mail if requested. TAC minutes may also be posted on FSRA’s website. Periodically, the Chair may request an in camera session with TAC members to facilitate gathering of sensitive market intelligence to inform public policy. In these cases, minutes will not be recorded.