With the help of a new virtual portal that has been recently launched by the Mortgage Broker Regulators’ Council of Canada, it will be much easier to pick out mortgage brokers who have gone rogue and on the wrong side of the law.
Information gathered from various regulators in provinces and across Canada will form a database which will enable consumers to identify the mortgage brokers.
Chair of the MBRCC, Rory Peters said; “Mortgage brokers are regulated professionals who can help you find the right mortgage to finance your home. This new, easy-to-use database gives consumers a way to help check a broker’s background before entrusting them with such an important financial transaction.”
MBRCC announced; “Consumers can enter a mortgage broker’s name or company into the search-friendly database and see disciplinary actions (e.g., license suspensions, administrative penalties, cease and desist orders) that have been taken against a broker by their provincial mortgage regulator and other Canadian regulators.”
When a certain individual’s name or a company’s name is entered into the search box, punitive actions taken against an individual broker or their company would be listed by the online portal for consumers to have a look at. Such information is stored during the same period of time it stays in the records of regulators and provincial.
To check the status of any mortgage broker, the provincial regulators’ website still remains the site where the search should be done.