The Financial Services Commission of Ontario (FSCO) is warning mortgage consumers and industry players not to conduct business with Mortgage Approval Canada and Mortgage Approval Centre, both of which are not licensed to broker business in Ontario.
“If consumers arrange a mortgage from a mortgage brokerage, broker or agent that is not licensed in the province, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006, which holds Ontario’s mortgage brokerages, administrators, brokers and agents to specific standards,” an official statement from FSCO reads.
According to FSCO, the unlicensed “brokers” operate through the website mortgageapprovalcanada.com.
The website reads: “We are Toronto's #1 mortgage provider. We find thousands of Canadians per year the best rates they could ever find in their area. Your credit does not matter, we will get you approved.”
The company also claims to “locate various mortgage brokers in Toronto to compete for your business through the internet.”