What law requires Mortgage Brokers to disclose the specific amount of their fees?
Sections 21 and 22 of Ontario Regulation 188/08 – Mortgage Brokerages: Standards of Practice require Mortgage Brokerages to disclose the fees, remuneration, reward points, incentives and other benefits that are payable by others to a Mortgage Brokerage, its Brokers and Agents, and that are payable to others by the Brokerage. This disclosure requirement includes the identity of the payer, and applies to any incentives that are received by a Mortgage Broker or Agent. Specific dollar amounts do not need to be disclosed, unless required by section 5 of Ontario Regulation 191/08 – Cost of Borrowing and Disclosure to Borrowers.
