Homebuyers can now view their potential broker’s regulatory record in a now online portal.
Developed by the Mortgage Brokers Regulators’ Council of Canada (MBRCC), the online database allows consumers to search broker and company names to view disciplinary actions; including license suspensions, administrative penalties, and cease and desist orders.
"Mortgages are often the biggest financial commitment Canadians make. Mortgage brokers are regulated professionals who can help you find the right mortgage to finance your home,” MBRCC Chair Cory Peters said. “This new, easy-to-use database gives consumers a way to help check a broker's background before entrusting them with such an important financial transaction."
MBRCC said at launch: The database … integrates disciplinary records from most provincial regulators into a single, convenient place. It helps consumers save time and provides additional peace of mind when choosing a mortgage broker.
The regulator claims brokerages and broker networks can also benefit from the database.
“In addition, mortgage brokerages and regulators across Canada now have easier access to disciplinary information. Brokerages can use the new tool to look up potential brokers, and provincial regulators can use it to assess the suitability of brokers who want to be licensed in other provinces,” it said. “Developing the database supports the MBRCC's mandate to improve and promote harmonization of mortgage broker regulatory practices across Canada.”
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