​FSCO warns about unlicensed Toronto-based ‘broker’

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The Financial Services Commission of Ontario (FSCO) is warning mortgage consumers and industry players not to conduct business with Mortgage Approval Canada and Mortgage Approval Centre, both of which are not licensed to broker business in Ontario.

“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, which holds Ontario’s mortgage brokerages, administrators, brokers and agents to specific standards,” an official statement from FSCO reads.

According to FSCO, the unlicensed “brokers” operate through the website mortgageapprovalcanada.com.

The website reads: “We are Toronto's #1 mortgage provider. We find thousands of Canadians per year the best rates they could ever find in their area. Your credit does not matter, we will get you approved.”

The company also claims to “locate various mortgage brokers in Toronto to compete for your business through the internet.”
 
  • MP on 2014-08-12 2:31:38 PM

    Looks like they have fake testimonials.

  • Ron Butler on 2014-08-12 2:35:42 PM

    We need to get the Act amended to allow FSCO greater power to stop this kind of insanity. FSCO should be given the ability to send a cease and desist order to the domain provider and the hosting provider. This is the stuff that needs to be stopped; things that jeopardize the public.

  • Angela Wong-Liao - Invis Inc on 2014-08-12 3:47:11 PM

    I fully agree with Ron Butler, FSCO has to protect the public against any unscrupulous mortgage practice.

  • Steve on 2014-08-12 6:33:31 PM

    Probably a lead generation site. Those have been around for years with all kinds of different names. If you want to have a good laugh. Watch this about payday loan companies in the U.S.

    https://www.youtube.com/watch?v=PDylgzybWAw

  • Victor Simone on 2014-08-12 9:27:43 PM

    Wow, 50 approvals in the past 24 hours and still going....these folks are going to be Bazilionaires !!

  • M. Robertson on 2014-08-13 1:43:00 PM

    Weird their site now says Regina... but their address is in Oshawa on their contact us form...

  • MP on 2014-08-13 1:44:58 PM

    Lol Victor Simone. It was the same for me when I went on their site. 50 approvals and counting in my small town. Laughable. The use your location to make it seem like they are local. Good scam in my opinion.

  • Daniel McKay on 2014-08-13 2:19:41 PM

    The Real Estate Council of Alberta Recently fined two unlicensed persons for acting as a mortgage broker/associate without a license. The larger of the two fines was for $25,000 was for around $2,000 after appeal. Hopefully FSCO will get similar powers to RECA so these unlicensed degenerates can be dealt with.

  • Ron Butler on 2014-08-13 2:23:29 PM

    FSCO does have the power to issue provincial offense tickets similar to RECA, fines are never effective when pure fraudsters are involved, they just don't pay the fines. What is needed is broader powers to shut down websites at their source, shut down the domain and the host. if you kill the leads for the fraud you kill the fraud.

  • MP on 2014-08-13 2:48:17 PM

    Are the testimonials from:
    George S, Trevor H and Sharon P? with the name of your town after their name?

  • MP on 2014-08-13 2:48:24 PM

    Are the testimonials from:
    George S, Trevor H and Sharon P? with the name of your town after their name?

  • zoomortgage on 2014-08-13 7:39:44 PM

    Just for my knowledge, if they were acting as individual private investors and any A deals that came there way just give them to a broker and they keep the private deals. Would that be considered an offence?

  • Ron Butler on 2014-08-13 7:53:04 PM

    Rate Sites like RateHub offer real licensed mortgage broker rates clearly noted on the website hence they are legal. This site mentions NO BROKER hence illegal. If they are a website representing private investors they must be mortgage brokers because only mortgage brokers can hold out to the public as a conduit to private investors. If the private investor wants to name themselves on their own website offering private funding that is also legal.

  • zoomortgage on 2014-08-13 8:01:16 PM

    got it thanks. Ron

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