A former Centum broker continued arranging mortgages for nearly a year after her registration lapsed
A British Columbia submortgage broker who continued arranging mortgages for nearly a year after losing her registration has been hit with $55,000 in penalties — the maximum fine available under the province's Mortgage Brokers Act (MBA).
Harvinder Kaur Makkar, also known as Dimple Makkar, was issued a consent order by the BC Financial Services Authority (BCFSA) on June 19, under citation Makkar (Re), 2026 BCRMB 6.
According to the order, Makkar carried on business as a submortgage broker in British Columbia without being registered to do so, in violation of section 8(1.4) of the MBA.
Makkar was first registered as a submortgage broker in October 2013. In October 2021, she renewed her registration under Centum Mortgage Solution (1183335 B.C. Ltd.) in British Columbia.
On or about January 23, 2023, Centum Mortgage Solutions shut down operations and terminated its brokerage licence. Two days later, BCFSA notified Makkar by email that she was "no longer a registered submortgage broker to conduct mortgage business in BC."
Despite that notification, Makkar continued to arrange mortgages and hold herself out as a mortgage broker until December 2023, a period of nearly 11 months.
During that time, she arranged 10 mortgages across properties in Surrey, Burnaby, Maple Ridge, Langley, and Chilliwack, collecting approximately $61,000 in broker fees. The largest single transaction involved a $2.5 million mortgage on a Surrey property, for which she received $19,000.
Makkar cooperated with BCFSA's investigation and self-reported additional transactions beyond those initially under review. The consent order notes that during her interview with BCFSA, she self-reported that she had arranged other mortgages and subsequently provided supporting documentation.
Makkar has consented to an administrative penalty of $50,000 and investigation costs of $5,000, both immediately due and payable. She has also waived her right to a hearing and her right to appeal.
What the case reveals about broker supervision
Under the MBA, submortgage brokers are prohibited from operating independently. They must be registered under a licensed mortgage brokerage and work under the supervision of a designated individual, an arrangement intended to ensure accountability and consumer protection.
When a brokerage closes or surrenders its licence, any submortgage brokers registered under it lose their authority to conduct mortgage business immediately.
Jonathan Vandall, Acting Registrar of Mortgage Brokers at BCFSA, was direct in his assessment of the case.
"The requirement to operate only through a mortgage brokerage is not a formality; it is a fundamental safeguard for consumers," Vandall said.
"Individuals who provide mortgage services outside the regulatory framework avoid oversight and accountability that protects the public. This case demonstrates that BCFSA will take enforcement action when individuals choose to disregard those requirements."
A British Columbia mortgage broker has had his registration cancelled and agreed to pay $80,000 to the province's financial regulator after admitting he submitted falsified income documents to lenders across eight mortgage applications.https://t.co/3liLSijbeb
— Canadian Mortgage Professional Magazine (@CMPmagazine) July 13, 2026
A new regulatory era on the horizon
The Makkar case lands at a pivotal moment for the mortgage industry in British Columbia. The Mortgage Services Act (MSA), which comes into force on October 13 will replace the MBA entirely.
The MSA will modernise the regulatory framework for the mortgage services industry in British Columbia to provide greater protection for consumers. BCFSA
Among the most significant structural changes under the MSA is the replacement of the designated individual role with a principal broker — a position that will carry enhanced oversight and compliance obligations.
The new framework introduces four categories of licensing: dealing in mortgages, trading in mortgages, administering mortgages, and mortgage lending, replacing the single licensing structure under the MBA.
There are more than 7,000 licensed mortgage professionals in British Columbia who will be affected by the transition. Brokers should note that during the transition period, all obligations under the MBA remain in force.
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