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The Big Story: Catching unlicenced brokers

Are regulators doing enough to crack down on unlicenced brokers? Should FSCO push harder for tougher penalties? MBN finds out.

Video transcript below:

Reporter: Everyone wants to be a mortgage broker these days or so FSCO says. The problem is that some of them just don’t want to get a license. Is FSCO doing enough? It’s license to catch on this week’s Big Story.

Putting up a poster, advising clients, is it that easy to do business as a mortgage broker? Well it is for some. But how easy is it to stop them? Brokers may have a role to play.

Anne Brill, Centum Metrocapp Wealth Solutions Inc.

Anne Brill: Licensed brokers should anytime report anyone they see that they feel is unlicensed to FSCO, so we can stop this. The unlicensed individual is not sure of possibly disclosures, doesn’t have a certification and upto date information to be able to successfully sell a client.

Reporter: FSCO act on complaints, reactive not proactive. Is that enough?

James Laird, COO, True North Mortgage

James Laird: The mortgage broker industry is regulated by two entities. We are regulated day to day by the lenders we submit to and they audit for risk, tolerance, credit etc. and that is well taken care of by the lenders. FSCO’s job is to make sure that our customer service is what it should be and that we are delivering what we promise to our customers, so because there is inherently another auditor, which is our lenders in the industry, I think that complaints driven process is sufficient.