Is a mortgage brokerage that holds a trust account also required to submit audited financial statements?
No. Only mortgage administrators are required to file audited financial statements. A mortgage brokerage that is required to prepare monthly reconciliation statements during the fiscal year must also prepare an annual reconciliation statement for that year within 90 days of the fiscal year end. The annual reconciliation statement must summarize the contents of each monthly reconciliation statement. The annual reconciliation statement is not required to be filed with FSCO but must be available if requested.
