Use of names and licence numbers in public relations materials
Disclosure regarding role and relationships of brokerage
Disclosure of fees receivable and payable
Agency and Lender as major customer disclosures
Disclosure to borrowers in new format
Duty to verify customer’s identity
Restriction on advance fees for mortgage loans less than $300,000 (still $200,000 until January 1, 2009)
Policies and procedures
Agreements regarding non-monetary compensation
Suitability of mortgage and material risks (This is a great reg that will further enhance professionalism in our industry. Ideally, “suitability” would be better defined in the Act, but maybe FSCO will release an interpretation letter with more specifics. In the meantime, CAAMP has their own interpretation below.)
If you want to familiarize yourself with the new rules, here is CAAMP’s overview of them: Link
Penalties to mortgage agents for non-compliance can reach up to $10,000.
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