On July 1, 2008 new rules governing Mortgage Brokers and Mortgage Agents came into effect in Ontario. One of the changes was to make it easier for consumers to identify who they were dealing with. Prior to July 1, 2008 we saw all sorts of titles out there.. Mortgage Consultant, Mortgage Planner, Mortgage Specialist, etc… the list was endless…. and qualifications were sketchy.
Well, that’s all changed. In Ontario, there are only 2 designations. Mortgage Broker and Mortgage Agent. Both are authorized by a Brokerage to deal or trade in mortgages on its behalf and who have achieved other educational, proficiency and eligibility criteria.
But I’m still amazed at how many individuals and companies have not made the change. They still advertise and refer to themselves as Mortgage Planners or Mortgage Consultants, Mortgage Specialist…etc… My advice to Brokers and Agents is to make the changes immediately…These people are at risk of being fined and or having their license suspended.
My advice to consumers….BEWARE of anyone that has not taken the time to adjust and make the changes…if they won’t respect a minor change such as this, it makes you wonder what other regulations are not being respected.