January 11, 2008
The passage of the Mortgage Brokerages, Lenders and Administrators Act, 2006 fulfils the Ontario government’s commitment to update legislation governing this sector.
The new act will be fully proclaimed on July 1, 2008. The proposed new regulations and proposed amendments to existing regulations would support the implementation of this new regulatory framework.
More consumers are using brokers to find a mortgage and many financial institutions use mortgage brokers to reach their market. About 30 per cent of first-time homebuyers are using the services of a mortgage broker.
A mortgage is one of the most important financial decisions a consumer will make in his or her lifetime. New and innovative mortgage products and services are being provided to consumers, and mortgage brokers are playing an increasing role in helping consumers with their borrowing needs.
As a result, the Ontario government is moving forward to implement an updated regulatory regime to improve consumer protection and enable business to grow and meet the needs of consumers in a fair and effective manner. Your input will be greatly appreciated in finalizing the remaining set of regulations to support the new standards.