Ontario Receives Recommendations to Help Mortgage Brokers Better Serve Customers
Proposed reforms aim to reduce regulatory burden on brokers and agents
TORONTO — Today the Ministry of Finance released a report on the legislated review of the Mortgage Brokerages, Lenders and Administrators Act led by Doug Downey, Attorney General, and Stan Cho, Parliamentary Assistant to the Minister of Finance. Their report follows extensive public consultations and input from various financial services stakeholders.
"Many people rely on mortgage brokers to help them realize their dream of owning a home," said MPP Cho. "In some areas, brokers and lenders are constrained by unnecessary regulation, and are forced to spend more time on paperwork and less time on helping their clients. These proposed reforms would make it easier for brokers and agents to support their clients, while helping grow their business and create jobs."
The government is considering the report's recommendations, which seek to raise the sector's professional conduct and education standards, boost protections for homebuyers and assist in the fight against money laundering.
"Our government has committed to making Ontario open for business and open for jobs by creating the conditions where businesses can thrive, grow and create good jobs — while making sure consumers and families are protected," said MPP Cho. "Mortgage brokers and lenders play a vital role in helping people buy a home and build communities."
- Mortgage brokers and agents are regulated by the Financial Services Regulatory Authority of Ontario, the new, independent and modern financial regulator.
- The review, required every five years, focused on modernizing the Act, by reducing red tape and right-sizing regulation.
- The Ministry of Finance will continue to engage with industry stakeholders on the review’s recommendations.