The revocations follow months of outreach and formal warnings
Ontario's mortgage regulator has cancelled the licences of 24 brokerages that failed to file their Annual Information Return (AIR) — marking the second time in three years that the Financial Services Regulatory Authority of Ontario (FSRA) has taken mass enforcement action for the same paperwork failure.
The revocations, published on FSRA's public registry in September, follow months of outreach and formal warnings.
Under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act), all licensed brokerages and administrators must submit their AIR by March 31 each year.
The return collects data on business practices, internal controls, and market conditions from the prior calendar year, forming the basis of FSRA's risk assessment across the sector.
Who lost their licence
The 24 firms span Ontario's brokerage landscape — from numbered corporations to sole-practitioner registrants and network-affiliated brokerages. Those named are:
- 2380376 Ontario Limited
- 2523767 Ontario Inc.
- 8135045 Canada Inc.
- 9323414 Canada Inc.
- Abacus Mortgages Inc.
- Arthurs Royal Mortgages Inc.
- Bruce Rene Kotis
- Centum First Richmond Capital Inc.
- Centum Lending & Mortgages Corp.
- Excel-Mortgage Option Inc.
- Federal Mortgages Inc.
- Harry Raymond Debi
- Hill Real Estate Ltd.
- Inspiria Financial Group Ltd.
- JCI Consultants Limited
- Libertyplus Mortgage Services Inc.
- Michael John Preston
- Mr. Cash 1 Mortgage Inc.
- Nationwide Mortgage Inc.
- North East Mortgages Inc.
- Obsidian Mortgage Corporation
- Profunding Financial Services Inc.
- Public Choice Mortgage Brokerage Inc.
- Rockstar Mortgage Services Inc.
Kotis's name had already appeared in FSRA's enforcement register. As part of a sweeping $430,000 enforcement action, the regulator fined him $30,000 in his role as principal broker of Myriad Mortgage for failing to ensure brokerage compliance. That case, which also resulted in a separate brokerage licence revocation, centred on unsuitable, high-fee private mortgages.
Enforcement pressure keeps building
The September action extends a compliance sweep FSRA began in March 2024, when it revoked 30 brokerage licences under the same provision.
The regulator initiated 100 enforcement actions in 2024-25, up from 65 the prior year, and imposed approximately $1.2 million in administrative monetary penalties, with mortgage brokering carrying the largest share.
Industry veterans welcome the shift. "I've seen more cases against bad actors in the last 12 to 18 months than in previous years," Joe Sammut, broker of record at Mortgage Architects – A Better Way, previously told Canadian Mortgage Professional.
Beyond missed AIRs, the Flex Home Loans enforcement case illustrates how FSRA has simultaneously targeted unlicensed lending and unsuitable client outcomes.
Brokers and agents formerly associated with the revoked brokerages should verify their licence status directly via FSRA's public registry to confirm they remain authorised to deal in mortgages in Ontario.
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