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Mortgage Broker News | 26 Oct 2016, 08:15 AM Agree 0
The Superintendent of Financial Services issued a cease and desist order against one syndicator and suspended the licenses of a number of individuals
  • Paul Redley | 26 Oct 2016, 10:08 AM Agree 0
    Thank you MBN for publishing the FSCO cease and desist to Tier 1 Mortgage Corp. It appears that mortgage syndicators finally are exposed and need to adhere to the Rules of Conduct of the industry. The countless unsuspecting investors that rely on Brokers, Agents and others to supply them with true facts of their investments now have a voice. Appraisals as defined by the Appraisal Institute of Canada (AIC) is a "comprehensive valuation of the property". A Letter of Opinion of Value as defined by some mortgage syndicators is just that, a letter and not a true "valuation" of the real estate.
  • Ron Butler | 26 Oct 2016, 10:35 AM Agree 0
    An important step would be for our associations MPC and CMBA to step up and tell their memberships to cease and desist sending investors to the large development mortgage syndicators in exchange for referral fees. The future jeopardy to our whole channel's E&O insurance coverage requires action right now.
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