The findings call into question whether mortgage brokers, which originate 30 per cent to 40 per cent of new loans in Canada’s $1.5 trillion mortgage market, are being adequately supervised as record household debt and rising interest rates make it harder for borrowers to make repayments.
In a statement, FSCO said it conducts a thorough investigation where individuals or entities are identified as presenting an elevated risk. The checks can stop problems such as mortgage brokers failing to make proper checks to prevent borrowers’ lying about their income in order to obtain a loan. According to credit bureau Equifax, suspected fraudulent mortgage applications have increased by 52 per cent in Canada since 2013, with Ontario seeing the majority. Other types of fraud include brokers charging unlawful fees, FSCO says on its website.
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Ontario regulator failed to make planned checks on risky mortgage brokersThe FSCO planned to complete five on-site examinations of mortgage brokerages identified as risky this fiscal year. But as of Dec. 31, 2018, it had not finished any of them, according to data provided to Reuters another reason why we need to privatize home buying Literally all institutions are failing you, the voter who elected them and support them. Remember this is all For The People, or F T P. capisce?
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