Federal and Ontario regulators are reportedly auditing mortgage brokerages to ensure they’re handling consumers’ information properly.
Monday’s Globe & Mail quotes Federal privacy commissioner spokesperson, Anne-Marie Hayden, as saying "There have been numerous breaches reported” in the last year or so (with respect to client information being misused).
According to Jim Murphy, President of CAAMP, Canada’s privacy laws are so strict that brokers have had trouble disclosing information even to police. Despite that, a handful of rogue brokers have been caught misusing personal client data.
Therefore, if you use a broker for the first time, it pays to be safe. Here are five things you can do to help ensure you’re dealing with someone reputable:
Contact the broker’s provincial regulator to confirm the individual is licensed and in good standing. Most, but not all, provinces have mortgage broker regulators. They include: