The B.C. Registrar of Mortgage Brokers is urging mortgage lenders to report any suspected misconduct following reports that mortgage brokers in Ontario may have falsified information on mortgage applications.
Home Capital Group terminated contracts with 45 mortgage brokers and two brokerages in Ontario last month. None of the mortgage brokers appear to be active in British Columbia.
"My office is always concerned when there are reports of misconduct involving mortgage brokers," said Carolyn Rogers, Registrar of Mortgage Brokers in B.C."We expect all lenders to report any cases of potential or suspected misconduct including misrepresentation and fraud."
False information in mortgage applications place borrowers at risk of entering into mortgages they cannot afford and place lenders at risk of providing loans that they would not otherwise have made.
Suspected cases of misconduct in British Columbia should be referred to the Registrar of Mortgage Brokers at [email protected].
