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What do I need to know about the new Mortgage Brokerages, Lenders and Administrators Act, 2006?

April 26, 2017ACT administrators brokerages lenders mortgage

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What do I need to know about the new Mortgage Brokerages, Lenders and Administrators Act, 2006?

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On July 1, 2008, the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Mortgage Broker Law) went into effect. The Mortgage Broker Law requires all businesses and individuals who carry out mortgage brokering activities1 in Ontario to be licensed with the Financial Services Commission of Ontario (FSCO), the agency responsible for overseeing the mortgage industry in Ontario. 1 Any corporation or business carrying on the business of dealing or trading in mortgages, or lending money on the security of real estate in Ontario, and any individual acting as a Mortgage Broker or Agent must be licensed with FSCO, unless an exemption applies. (e.g. banks do not need be licensed) The Act also requires Mortgage Administrators (those collecting mortgage payments for investors) to be licensed.