A new online database developed by the Mortgage Broker Regulators’ Council of Canada (MBRCC) aims to protect Canadian consumers from mortgage brokers who may have broken the rules of their profession. The database allows consumers to search a broker’s name to find out if disciplinary action has been taken against them by mortgage regulators. The database integrates disciplinary records from most provincial regulators.
Biggest financial commitment
"Mortgages are often the biggest financial commitment Canadians make,” said Cory Peters, Chair, MBRCC, in an announcement this week. “Mortgage brokers are regulated professionals who can help you find the right mortgage to finance your home. 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." The database also allows mortgage brokerages to look up potential brokers more easily, and regulators across the country can also use it to assess the suitability of brokers looking to be licensed in another province.
The MBRCC underlines that consumers using the database should still visit their provincial regulator's website to get licence status information for mortgage brokers authorized to operate in that province.