In an effort to standardize best industry practices and to provide reliable information to consumers, the Mortgage Broker Regulators’ Council of Canada (MBRCC) has launched a new online database that would show if a particular broker has violated existing industry rules.
“Consumers can enter a mortgage broker’s name or company into the search-friendly database and see disciplinary actions (e.g., licence suspensions, administrative penalties, cease and desist orders) that have been taken against a broker by their provincial mortgage regulator and other Canadian regulators,” the MBRCC announced.
“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 chair Cory Peters said.
The database culls data from disciplinary records provided by regional regulators, which “helps consumers save time and provides additional peace of mind when choosing a mortgage broker.”
“In addition, mortgage brokerages and regulators across Canada now have easier access to disciplinary information. Brokerages can use the new tool to look up potential brokers, and provincial regulators can use it to assess the suitability of brokers who want to be licensed in other provinces,” the MBRCC added.
“Disciplinary actions will be posted on the database for varying amounts of time, matching how long each regulator posts records in their own province,” the council explained. “[However], consumers should still visit their provincial regulator’s website to get licence status information for mortgage brokers authorized to operate in that province.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate