What investor/lender disclosure requirements must be provided on July 1, 2008?
There are no new investor/lender disclosure requirements coming into effect on July 1, 2008. Businesses should continue to provide disclosure by completing the Investor/Lender Disclosure Statement for Brokered Transactions Form. The following information needs to be disclosed to investors: • Whether the mortgage has been in default; • The duration of the default during the past 12 months; and • The relationship with the borrower. A Mortgage Brokerage is: • Required to advise lenders and investors if the borrower’s legal authority to mortgage a property is in doubt; • Required to advise lenders and investors if the accuracy of the information on the borrower’s application or supporting documents is in doubt; • Required to report a mortgage application that it suspects is not accurate to prospective lenders; and • Prohibited from acting in any mortgage transaction it suspects is unlawful.
Related Questions
- Does FSCO have an application or document that Mortgage Brokerages can use to determine if they have provided all necessary disclosure requirements?
- What information must be provided to participants to satisfy the disclosure and reporting requirements under ERISA?
- What borrower disclosure requirements must be provided on July 1, 2008?
