Does FSCO require a standard cost of borrowing disclosure form, or is my Mortgage Brokerage responsible for developing its own form?
FSCO does not require the use of a standard form for disclosing the cost of borrowing. Each Mortgage Brokerage is required to provide borrowers with a disclosure statement that contains the required information on the cost of borrowing. A Mortgage Brokerage can develop its own form, or it may choose to use one of the Cost of Borrowing Disclosure Forms currently being developed by the Mortgage Brokerage industry associations and vendors. FSCO has modified the Investor/Lender Disclosure Statement for Brokered Transactions and Renewal Form to comply with the Mortgage Brokerages, Lenders and Administrators Act, 2006 and regulations. The updated forms also outline the new disclosure duties (effective January 1, 2009) for Mortgage Brokerages and Administrators. These forms are now available on FSCO’s website. Mortgage Brokerages and Administrators can continue using the existing Investor/Lender Disclosure Statement for Brokered Transactions and Renewal Form on FSCO’s website until the new fo
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?
- Does FSCO require a standard cost of borrowing disclosure form, or is my Mortgage Brokerage responsible for developing its own form?
- Does FSCO have a standard form for disclosing the cost of borrowing?
