Due diligence is not the exclusive exercise of a lender. Yes, you may feel like you went under a microscope to get a loan, but smart borrowers are equally inquisitive about where they should go to get a mortgage; and the inquisition just got a little easier.
As mortgage brokers continue to become the preferred choice of consumers seeking a “mortgage originator,” the mortgage broker’s regulatory record is now easily accessed online. 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. Good information to know when choosing a trusted advisor, and your mortgage broker is no exception. As Cory Peters, MBRCC Chair says, “Mortgages are often the biggest financial commitment Canadians make.” Enough said. So who have you entrusted?
Furthermore, Peters points out that the online database will be a useful tool to brokerages and regulators, across Canada, assessing the suitability for potential hires and licensees respectfully. Especially when candidates are moving from one province to another. “Developing the database supports the MBRCC’s mandate to improve and promote harmonization of mortgage broker regulatory practices across Canada,” Peters said.
Too bad the same level of scrutiny is not available to consumers when investigating other origination alternatives (i.e. mobile bank representatives). Perhaps another reason to feel good about your choice of originators 😊
To access the online database, click here.
If I can help, let me know.