One financial services commission has issued a statement warning consumers about an unlicensed individual soliciting mortgages in a major real estate market.
FSCO is warning about an unlicensed entity that goes by the name of “2 Mortgages” and has been placing posters in the Brampton area of the GTA soliciting mortgages. The posters tell customers to contact them about “Home equity loans, bad good credit.”
“Consumers should exercise caution if they are contacted by anyone from these coordinates,” an official release from FSCO states. “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.”