Buying a house or a condominium is probably the biggest single investment most people will make in there lifetime. More and more consumer’s especially first time home buyers are using mortgage brokers and agents to help them secure financing. And much financial institution used more mortgage brokers to reach the potential costumers. The mortgage broker in industry is over seen by the financial services Commission of Ontario an agency of the provincial ministry of finance. The commission’s Dyson Drury says about 30% of first time buyers now use the services of a mortgage broker.
Dyson Drury: The province takes very seriously, its responsibility to protect a consumers and recent changes to the legislation governing the mortgage working industry will enhance that protection all businesses and individuals who conduct mortgage, broking activities on Ontario must be licensed with the Financial Services Commission Ontario. And when we get license mortgage brokers and agents need to made certain qualifications relating to education, experience and suitability.
Each mortgage broker just required to have a principle broker to over see its people and there transactions. And the new law also makes mortgage broker adjust more accountable for the actions of there brokers and agents. The aim is to promote consumer protection and courage greater competition and to enhance professionalism in the mortgage broker in industry.
Dyson Drury: Consumers should make sure that they’re dealing with license to mortgage a professional which is very easy to check. You can just go to our website for a fullest thing of license mortgage broker just administrators or brokers and agents. And it will tell you in instance whether the person you are dealing with is license throughout the financial Services Commission of Ontario and met the fiscal’s requirements.
The website can be found at www.fsco.gov.om.ca, just look for the mortgage broker section. The website also includes other consumer resources like brochures and answers to frequently asks questions and articles. Martin Denver is reporting.
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