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Responsibilities | Mortgage Brokers
Overview
The Role of the Registrar of Mortgage Brokers
The Registrar of Mortgage Brokers is responsible for registering mortgage brokers under the Mortgage Brokers Act (the "Act"). The Registrar makes sure that mortgage brokers meet the requirements of the Act, and have educational standards set out in the Policy Statements. The Registrar also has the power to investigate a complaint about a breach of the Act or the regulations.
The Registrar of Mortgage Brokers does not assess the risks of an investment, vet investment documentation, or check the qualifications of principals. The Registrar can not disclose if a mortgage broker is under investigation. The office of the Registrar of Mortgage Brokers plays no role in insuring investments or the recovery of investors' funds.
All mortgage investments carry risk. You should satisfy yourself that the risks associated with a mortgage are worth the return if you are thinking of investing in a mortgage. Please refer to the Form 9 supplied to you by your mortgage broker for further details.
NEW BORROWER DISCLOSURE REQUIREMENTS
As of July 1, 2006, mortgage brokers and lenders are required to give borrowers disclosure under Part 5 of the Business Practises and Consumer Protection Act. For further information on the new requirements, see the links below.
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