Do Mortgage Administrators need to meet any new business requirements on January 1, 2009?
As of January 1, 2009, each Mortgage Administrator will be required to: • List its Mortgage Administrator licence number and the name in which it is licensed, on all public relations materials; • Verify the identity of lenders and investors; • Disclose the fees it will receive from others, the fees payable to others, and the fees it will receive for making referrals; • Disclose to each lender and investor its relationship with each borrower; • Disclose potential conflicts of interest; • Establish policies and procedures to ensure compliance with the Mortgage Brokerages, Lenders and Administrators Act, 2006; and • Establish a complaints process.
