FSRA takes steps to help detect and prevent mortgage fraud
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to deterring deceptive and fraudulent practices in the mortgage brokering sector. These efforts will help maintain a strong and sustainable mortgage market where consumers and lenders are protected.
FSRA is now consulting on proposed Interpretation and Information Guidance to help licensed mortgage professionals comply with Ontario laws and regulations as they apply to mortgage fraud. It includes a checklist of steps to help prevent fraud that they should follow. The proposed guidance is our Interpretation of legal requirements under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA).
Once effective, this Guidance replaces Bulletin No. M-01/16 regarding mortgage fraud prevention requirements. FSRA will consider compliance with the obligations outlined in this Guidance, along with adherence to the Mortgage Broker Regulators’ Council of Canada Code of Conduct, as factors in determining licensing suitability.
To review the proposed guidance and submit your feedback, please visit FSRA’s website. The consultation period is now open and will close on January 19, 2022.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for Ontarians. Learn more at www.fsrao.ca.
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