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Mortgage Broker News | 14 May 2013, 12:01 AM Agree 0
Too many unlicensed brokers and not enough resources has FSCO frustrated with the deluge of public complaints over illegal mortgage brokering advertisements.
  • Joe the Broker | 14 May 2013, 08:34 AM Agree 0
    If people dont know enough to stop calling businesses on light posts, they deserve to get screwed...
  • Ed Novak, Real Estate Broker | 14 May 2013, 08:48 AM Agree 0
    Considering the fees FSCO charges, plus all the association dues, etc, maybe FSCO should start a public campain and do a bit of their own lampost advertising to educate the public? Wouldn't that make sense?
  • ON Consumer | 14 May 2013, 08:49 AM Agree 0
    Even when FSCO knows who the culprits are and has evidence they don't do anything. There are several complaints about a mortgage agent who was licensed through FSCO aiding an unlicensed mortgage agent for close to a year on numerous mortgage applications and FSCO has not taken ANY action 18 months after the complaints were lodged.

    I think Mr. Persaud's time would be better spent investigation those complaints and taking the action required rather than venting on a forum.

    Given the illusion that FSCO takes this serious but takes no action just makes proves what kangaroo court FSCO is.
  • Blair Anderson | 14 May 2013, 09:05 AM Agree 0
    No, Joe the Broker, they don't deserve to get screwed. There are people, not as fortunate, and not as educated, who need protection. Change you attitude, please!
  • Paul Mangion | 14 May 2013, 09:23 AM Agree 0
    How about pulling the license from the brokerage that ultimately excepts these files. After all they are the enablers. A few undercover people and a few licenses pulled will send a message. The entry requirements for a mortgage agent are to easy so you can imagine the type of people the consumer is dealing with!
  • ON Consumer | 14 May 2013, 09:32 AM Agree 0
    @ Paul Mangion

    I agree. One of the agents under investigation is with The Mortgage Centre.
  • Jim Amitofski Toronto and Durham Broker | 14 May 2013, 09:39 AM Agree 0
    I agree that we are in a business that competition is high. And if a broker/agent is willing to offer services at a discount then all be it. BUT I do not like how it is so easy to become a mortgage agent and have NO clue what they are doing. I suggest we make it tougher to become a mortgage agent and have some previous education to become a licensed mortgage agent. Then after serving as a mortgage agent for more then 2 years are allowed to be a mortgage broker. We must make it tougher to become a mortgage professional and FSCO must do more when un licensed people are offering mortgage services when they are referring the deal to a contact at a bank or a mortgage brokerage for a fee. This is happening and I just do not like what I see and we MUST get serious and make penalties so high that this will stop on the spot!
  • Paul Mangion | 14 May 2013, 11:02 AM Agree 0
    ON CONSUMER. Whether it's a MC or not I still stand on my recommendation. As a broker I cannot watch everybody 100% of the time but if it is brought to my attention either by random audit or complaint I will deal with it. You should try using your real name when posting. You might be taken more seriously.
  • Compliance | 14 May 2013, 08:28 PM Agree 0
    Ultimately this falls under the supervision of the principal broker. If a principal broker cannot PROPERLY supervise its agents, than there is an issue to be addressed here. The excuse of having too many agents sounds pretty ignorant to the letter of the law.
    Perhaps this would be a good idea for FSCO to limit the number of agents under the supervision of principal broker.
  • John Dearin | 16 May 2013, 04:54 AM Agree 0
    Seems to me that FSCO is just another impotent government agency. Why they implemented this crap knowing they could not enforce it, just makes the whole process a farce. They should look at the teeth the Competition Bureau has. Right or wrong, they are not letting go of that issue until it hits the top court.

    Short talk? These 'illegal' agents don't give a damn as they know there is no one going to do anything about it.

    Add in the completely minor penalties people receive by the courts, we are all probably better off going over to the dark side.

    I know I get real tired trying to hold the high ground against these criminals
  • Concerned | 16 May 2013, 09:44 AM Agree 0
    Was Mr. Persaud venting his personal feelings or was this authorized by the regulating body, FSCO? The posted comments are interesting.
    A mortgage broker who is a very good friend tells me that unlicensed businesses and persons only get a warning letter if caught while licensed agents and brokers receive fines and web publication for very much lesser issues. This doesn't sound like an equitable approach by a Regulator.
  • Paul Bath | 16 May 2013, 01:09 PM Agree 0
    I understand Mr. Persaud's position. As an owner of a brokerage, it is frustrating to see unlicensed individuals operating a business such as mine with no operating expenses what so ever. Lawyers have The Law Society, Realtors have Real Estate Council of Ontario both having teeth to take action against an individual. When is the last time you heard of an unlicensed realtor selling houses? We can only be advocates of the cause and report what we see. Having been in the business a long time, consumer acceptance is much better than when I started and the number of mortgage agents has increased 10 fold.
  • Bryan Jaskolka | 25 May 2013, 03:53 AM Agree 0
    It baffles me that a provincial body is trying to help consumers, and all those consumers can seem to do is lynch them for it. FSCO is giving people tips on how to protect themselves, because no Joe the Broker, they don't deserve to be screwed. If they had never come out and said something and this turned into an epidemic, you can bet Ontarions would be calling for heads on sticks that "their government couldn't protect them" from these people. Thanks FSCO, for trying to keep our industry clean and protecting consumers from evils they don't know.
  • Broker Lee | 27 May 2013, 08:57 AM Agree 0
    I don't see why private lenders can't advertise directly with the public. Going through a broker just costs the borrower extra fee to get a loan.

    A lawyer would help in explaining the terms and conditions in an unbiased matter, but I just don't see any extra protection a broker can provide.

    In Quebec, there is no such requirement.
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