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Warning Notice - Unlicensed Mortgage Brokering Activity - abc27 WHTM

Warning Notice - Unlicensed Mortgage Brokering Activity

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SOURCE Financial Services Commission of Ontario

Mortgage Approval Canada and Mortgage Approval Centre are not licensed to do mortgage brokering business in Ontario

TORONTO, Aug. 15, 2014 /CNW/ - The Financial Services Commission of Ontario (FSCO) is warning consumers that mortgage brokerages Mortgage Approval Canada and Mortgage Approval Centre are not licensed to do mortgage brokering business in Ontario.

These mortgage brokerages have been soliciting mortgage business from the public through their website, www.mortgageapprovalcanada.com.

If consumers arrange a mortgage from a mortgage brokerage, broker or agent that is not licensed in the province, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006, http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_90i08_e.htm which holds Ontario's mortgage brokerages, administrators, brokers and agents to specific standards.

FSCO's website contains a list of all mortgage brokerages, administrators, brokers and agents licensed to do business in Ontario as well as tips on shopping around for a mortgage.

A licensed Ontario mortgage brokerage, administrator, broker or agent can provide information and advice on the risks involved in borrowing, lending or investing for different mortgage products. 

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