Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Under the Mortgage Brokerages, Lenders and Administrators Act, are there exemptions for providing referrals?

April 26, 2017ACT administrators brokerages exemptions lenders mortgage providing referrals

0

10 Posted

Under the Mortgage Brokerages, Lenders and Administrators Act, are there exemptions for providing referrals?

1 Answer

0

10 Posted

The Mortgage Brokerages, Lenders and Administrators Act, 2006 exempts individuals from requiring a licence if they are only providing referrals that give limited information. This exemption allows an individual to provide limited information about a borrower to a potential mortgage lender, or provide limited information about a potential mortgage lender to a borrower for a fee. For more details on this topic please refer to Ontario Regulation 407/07 (Exemptions from the Requirements to be Licensed).