Does FSCO have any disclosure forms other than the Statement of Mortgage Form?
The current Statement of Mortgage Form is effective until December 31, 2008. After this date, it is up to each Mortgage Brokerage to provide borrowers with disclosure statements that contain the required information on the cost of borrowing. A Mortgage Brokerage can develop its own form, or it may choose to use the forms being developed by Mortgage Brokerage industry associations and vendors. The current Renewal Form and Investor/Lender Disclosure Statement for Brokered Transactions can continue to be used. Mortgage Brokerages and Administrators may find the existing forms on FSCO’s website until new forms become available in 2009.
Related Questions
- The cost of borrowing is disclosed in the current Statement of Mortgage Form. Does this meet the disclosure requirement for the cost of borrowing?
- How will FSCO enforce the disclosure and suitability of risks for large Mortgage Brokerages who are owned by, or associated with banks?
- Does FSCO require a standard cost of borrowing disclosure form, or is my Mortgage Brokerage responsible for developing its own form?
