On Monday, June 8, 2015 FSCO released five new investor and lender disclosure forms. This new set of forms replaces the current set of investor and lender disclosure forms, and aims to provide investors and lenders enhanced disclosure in Ontario for mortgage brokered transactions.
Both REMIC (Real Estate and Mortgage Institute of Canada Inc.) and AMIPROS (Association of Mortgage Investment Professionals) made submissions to FSCO concerning the content of these investor and lender disclosure forms, and we are pleased to see that FSCO has embraced several of our recommendations.
Both REMIC and AMIPROS applaud these steps taken by FSCO. In our opinion this shows FSCO’s commitment to consumer protection in the growing private and syndicated mortgage investment industry. We acknowledge and thank FSCO for its inclusive consultations with the mortgage brokerage industry. Furthermore, we look forward to assisting the regulator in ensuring that consumers continue to have access to mortgage investment vehicles along with the information necessary to make an informed investment decision.
These forms replace the current set as of July 1, 2015.
Investor and Lender Disclosure Form Links
FSCO has posted the investor and lender disclosure forms on its website here.
FSCO has prepared a set of FAQs for the investor and lender disclosure forms here.
Why new investor and lender disclosure forms now?
According to FSCO’s website, “FSCO has seen a number of changes and expansions in the market for private and syndicated mortgages, and has determined it is important to provide additional disclosure information to potential lenders and investors. FSCO also wanted to make the forms more user-friendly and incorporate feedback that it has received from members of the mortgage broking industry.”
Mortgage brokering in Ontario is regulated by the Financial Services Commission of Ontario (FSCO) and requires a license. To obtain a license you must first pass an accredited course. The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO to provide the course. For more information please visit us at www.remic.ca/getlicensed or call us at 877-447-3642
In the industry’s mortgage brokering sector he is a licensed mortgage broker and has been a partner at a successful mortgage brokerage, manager at two national brokerages, principal broker at a commercial brokerage, founder of a mortgage investment corporation, and is owner and principal broker of his own boutique brokerage.
As an educator, Mr. White has been educating the mortgage industry since 1996.During his 14 years at Seneca College he was a professor and program coordinator and is currently President of the Real Estate and Mortgage Institute of Canada Inc. (REMIC).Mr. White has developed several courses for Seneca College, including the first mortgage broker education program in Ontario,as well as the mortgage agent course.He has written two textbooks used in the mortgage industry and by over 20 Ontario colleges with over twenty thousand copies in print, in addition to several business focused books and e-books. He has instructed over fifteen thousand students and in 2003 won the Excellence Award for teaching and leadership excellence at Seneca College.He can be contacted at email@example.com