Ontario’s Financial Services Regulatory Authority (FSRA) is taking a firm stance against mortgage fraud and deceptive practices. A recent case highlights the regulator’s commitment to protecting vulnerable borrowers in the GTA and beyond. FSRA has proposed sanctions against a mortgage agent, broker, and an unlicensed corporation, Forest City Living, for allegedly pushing a London family into high-cost loans, ultimately leading to the sale of their home.
The allegations include false documentation, failure to conduct suitability analysis, and unlicensed lending activities. This action is part of a broader FSRA initiative to address suitability concerns, protect vulnerable borrowers, and combat mortgage fraud across Ontario. These measures signal a heightened level of scrutiny within the mortgage industry, ensuring compliance and ethical conduct. For a deeper dive into the specifics of the case and FSRA’s ongoing efforts, read the full article on mpamag.com.
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