The cost of borrowing is disclosed in the current Statement of Mortgage Form. Does this meet the disclosure requirement for the cost of borrowing?
The current Statement of Mortgage Form is effective until December 31, 2008. After this date, a Mortgage Brokerage may use its own cost of borrowing statement, provided it complies with the regulations that go into effect on January 1, 2009. If you need assistance in developing a cost of borrowing disclosure statement, see section 6 of Ontario Regulation 191/08 – Cost of Borrowing and Disclosure to Borrowers. Mortgage Brokerage industry associations may also be able to assist with the development of new forms.
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