Who Governs Mortgage Brokers in Ontario?

Who Governs Mortgage Brokers in Ontario?

I would love to assume that in a perfect world, and in all lines of work, you would have customers who use services from professionals, and always have extremely satisfying experiences. You would think that having a satisfied client is what keeps people coming back, and therefore all professionals in business would want that result. But in reality, there are bad apples in every business, and with that comes dissatisfied clients.

So when a friend asked me about who governs my business(I work through Ottawa Carleton Mortgage Inc), and where does someone who has had a bad experience go to report it, I figured this was a great opportunity to let people know.

To begin, If you ever have a complaint, your first call or letter should be to the owner/operator of the brokerage that your mortgage professional works under. In my case the brokerage is Ottawa Carleton Mortgage Inc, and the The owner of the brokerage (the broker of record) is Grant King and complaints would be sent to cco@mortgagemadeeasy.com. It is in the brokerages interest to resolve any complaints of the agent or brokers who work under him/her, as it is their license that could be impacted by his/her employee’s actions.
If you are not satisfied after dealing directly through the brokerage , your next step would be to make the complaint directly through FSRA..

The Financial Services Regulatory Authority of Ontario (FSRA) licenses mortgage brokers, agents, brokerages and administrators in Ontario. The “Mortgage Brokerages, Lenders and Administrators Act” requires all individuals and businesses in Ontario who carry out mortgage brokering activities to be licensed with FSRA.

See the site link below…
https://www.fsrao.ca/consumers/mortgage-brokering

On this page you will find commonly asked questions and the procedure for filing a complaint regarding a mortgage related transaction. You can even search the name or licence# of a mortgage agent or broker on this FSRA site to confirm that they are in good standing.

As a mortgage professional, we are licensed as either a Mortgage Broker or a Mortgage Agent(level 1 or 2).

A mortgage broker, requires more educational requirements than an agent, longer work experience, and is able to apply to operate their own brokerage.

A mortgage agent(Level 1 or 2) is only licenced to operate through a licenced mortgage brokerage.

The wrong or incomplete advice given to that friend of mine, I’m afraid can still happen today. Even with the stricter guidelines of disclosure today, if the mortgage professional chooses not to follow them, trouble can arise. The reality is, as in her case, she is told one thing in a verbal statement, not in writing, and the end result becomes different and costly. Someone’s life impacted by possibly incorrect advise, and even more commonly by the consumer not understanding or reading thoroughly what they are being asked to sign. .

So in summary, all I can say again is to read carefully what you sign, and if concerns about anything, get it in writing.
Most importantly, ask questions if you don’t understand what you are told or are being asked to sign. And in fact if you have been legitimately wronged, reach out to the brokerage 1st, and then to FSRA if your needs have not been met.

If you are using a mortgage broker or agent, google them, and search for reviews on the individual. Do your homework as best you can on the individual. The likelihood is greater that if you have good reviews on a business or individual, your experience should also end well.

Our job is to provide a mortgage service that always ends with a positive experience for you the borrower. Then and only then will you come back personally or refer us your friends and family. I understand that.

As always, feel free to call and ask questions “almost anytime” on my cell, 613-222-2624.

Dan 🙂