What activities/practices are prohibited effective July 1, 2008?
Starting July 1, 2008, Mortgage Administrators are prohibited from the following activities/practices: • Using an unauthorized name. – You can only use the name in which you are licensed. • Indicating that Mortgage Administrator fees are approved by the government. – You cannot claim that Mortgage Administrator fees are approved by a government authority. The only exceptions are fees under the Land Titles Act or the Registry Act. • Offering guarantees to lenders/investors. – You cannot offer a guarantee to a lender/investor regarding a mortgage loan or mortgage investment. • Engaging in tied selling. – Lenders/investors cannot be required to obtain a product/service as a condition for obtaining another product/service from the Mortgage Brokerage or Administrator.
