FSRA revokes the licence of My Mortgage Auction Corp.
The Financial Services Regulatory Authority of Ontario (FSRA) has revoked the mortgage brokerage licence issued to My Mortgage Auction Corp. (MMAC).
MMAC is no longer suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act). This is due to the bankruptcy and financial position of MMAC, contraventions of requirements under the Act, and evidence as to conduct that affords reasonable grounds for belief that MMAC will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
FSRA issued a Notice of Proposal to revoke MMAC’s mortgage brokerage licence and issued an interim order suspending the licence effective June 15, 2023.
MMAC did not request a hearing or contest FSRA’s proposal.
FSRA is working to protect consumers through its monitoring and enforcement activities.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
For media inquiries:
Financial Services Regulatory Authority
Email: [email protected]