Where can I check if a Canadian Mortgage Broker is licenced?
Always check to confirm your Mortgage Broker is still licenced and in good standing. Ninety-nine percent of the time they will have a pristine record, but sometimes checking will save you from disaster.
Whether you are financing a purchase, renewing a mortgage, or refinancing a home you need to check the credentials of your mortgage professional before you embark on your adventure.
The provincial regulators provide the ability to search for licensees and check if they have complaints lodged against them, but most Canadians have no idea the name or website for their local industry regulator.
For your convenience, the map below has links to the government and industry organizations that can confirm your Mortgage Broker is in good standing.
You will want to confirm:
Your Mortgage Broker holds a valid licence;
Has no upcoming hearing is scheduled for the Mortgage Broker;
There are no past disciplinary decisions against your Mortgage Broker;
They have never been suspended, subject to conditions, or restrictions
We would love to provide similar sources to confirm the quality of employees and banks, credit unions, and other lenders however they have a different process and they don’t publish details about disciplinary action. There has been significant controversy regarding the complexity and secrecy surrounding the Canadian Banking Complaints system. For BMO and CIBC, complaints can be escalated to the Ombudsman for Banking Services and Investments (OBSI) but recently Scotiabank left the OBSI and joined RBC and TD who use the ADR Chambers Banking Ombuds Office, a private arbitration company.
For your benefit, we found this chart by the OBSI which summarizes the most common complaints that are escalated to their attention.
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