2022-2023 Mortgage Brokering Sector Supervision Focus
The focus for 2022-23 is to ensure mortgage brokers and agents protect their clients and keep their interests in mind by:
- reviewing private mortgage brokering
- reviewing the conduct culture and compliance structure at large mortgage brokerages
- conducting compliance reviews in scenarios where financially vulnerable consumers may be more prone to misconduct or abuse
These actions will help FSRA ensure that consumers receive suitable mortgage products and investment recommendations that are easy to understand and meet their needs.
FSRA expects principal brokers, brokers, agents and administrators to review the 2022-2023 supervision plan. They should also review other FSRA publications for more on their licensing requirements and obligations.
2021-2022 Mortgage Brokering Sector Supervision Findings
- Better consumer protection needed in administration of non-qualified syndicated mortgage investments (NQSMIs)
- Consumer protection concerns identified in private mortgage examinations
- New NQSMI quarterly report provides data for more effective monitoring of trends
- Improved disclosures needed for legacy NQSMIs
- Principal Broker Supervision
- Legacy NQSMI Review
Previous supervision plans:
- 2021-2022 Mortgage Brokering Sector Supervision Focus
- 2020-2021 Mortgage Brokering Sector Supervision Focus
FSRA protects consumers in the mortgage brokering sector by overseeing the conduct of over 15,000 licensed agents, brokers, brokerages and administrators.