The findings call into question whether mortgage brokers, which originate 30 to 40 per cent of new loans, are being adequately supervised
The findings call into question whether mortgage brokers, which originate 30 per cent to 40 per cent of new loans in Canada’s $1.5 trillion mortgage market, are being adequately supervised as record household debt and rising interest rates make it harder for borrowers to make repayments.
In a statement, FSCO said it conducts a thorough investigation where individuals or entities are identified as presenting an elevated risk. The checks can stop problems such as mortgage brokers failing to make proper checks to prevent borrowers’ lying about their income in order to obtain a loan. According to credit bureau Equifax, suspected fraudulent mortgage applications have increased by 52 per cent in Canada since 2013, with Ontario seeing the majority. Other types of fraud include brokers charging unlawful fees, FSCO says on its website.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ontario regulator failed to make planned checks on risky mortgage brokersThe FSCO planned to complete five on-site examinations of mortgage brokerages identified as risky this fiscal year. But as of Dec. 31, 2018, it had not finished any of them, according to data provided to Reuters
Read more »
Ontario restructuring ‘broken’ new homes regulator to restore consumer faithThe government plans to split up Tarion, Ontario’s home warranty operator and home construction regulator, and empower the Home Construction Regulatory Authority with a new board
Read more »
Ontario’s education minister defends failed Tory candidate’s $140,000 salary with EQAOCameron Montgomery was announced recently as the new full-time chair of the standardized testing body, a role that had previously been part-time
Read more »
New court documents show McArthur linked to three missing men years before murder chargesThe documents show investigators interviewed McArthur in late 2013 as a witness in the disappearance of Skandaraj Navaratnam, Abdulbasir Faizi and Majeed Kayhan
Read more »
Ontario woman tried to smuggle rejected refugee claimant across U.S. border in trunk of car, court documents showA Toronto-area settlement worker could face jail time in the United States
Read more »
Deep freeze in housing market suggests mortgage rules have overshot their markHaider-Moranis Bulletin: A decline in sales in January 2018 was expected, the decline this January was disturbing
Read more »
Trans Mountain pipeline expansion battle unlikely to be settled with regulator’s reportThe National Energy Board is expected to endorse the project today in its ruling; opponents of the project are already planning their rebuttal, which will include legal challenges
Read more »
Regulator approves Trans Mountain pipeline expansion with new conditionsThe National Energy Board has added 16 new conditions in its second approval of the expansion of the Trans Mountain pipeline.
Read more »
Regulator's report unlikely to settle Trans Mountain pipeline expansion battle: activistAn environmental group says it expects the National Energy Board to again approve the Trans Mountain pipeline expansion when it releases results of its reconsideration of the project today.
Read more »