Do the provisions of the Act apply to mortgage brokers that are not mortgage lenders?
Mortgage brokers that are not mortgage lenders are persons, as the term “person” is used in the Act. Consequently, the Act applies to mortgage brokers that are not mortgage lenders to the same extent it applies to persons. Further, it is the Commissioner’s opinion that the Act is contemplated to apply to mortgage brokers that are not mortgage lenders to the same extent the Act applies to “lenders.
Related Questions
- Can Mortgage Brokers engage in leasing activities? If so, is leasing governed by the Mortgage Brokerages, Lenders and Administrators Act, 2006?
- Why does the Mortgage Brokerages, Lenders and Administrators Act only allow Mortgage Agents and Brokers to work for one Mortgage Brokerage?
- Are reverse mortgages covered under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA)?
