TORONTO, Nov. 9, 2015 /CNW/ - The Mortgage Broker Regulators' Council of Canada (MBRCC) has developed materials to help borrowers better understand not only the mortgage transaction process, but also the regulatory expectations for mortgage brokers.
"Obtaining a mortgage is typically the largest financial commitment Canadians make," MBRCC interim-Chair Cory Peters noted. "Knowing the process and having a clear understanding of what to expect from your mortgage broker makes potential borrowers better prepared for such a significant decision."
Entitled Working with a Mortgage Broker, the MBRCC consumer education materials cover the key stages in getting a mortgage and highlights what you can expect from your broker throughout the process.
The stages of the mortgage transaction process identified in the materials include establishing the broker-borrower relationship, qualifying for a mortgage, providing the mortgage option(s) and submitting an application. For each key stage, the materials highlight the principles that ought to guide the activities of the broker, regulatory requirements, best practices as well as questions and considerations for the borrower.
Working with a Mortgage Broker can be found on the MBRCC website and includes a pamphlet version for mortgage brokers to print and use. It is accompanied by other types of consumer information provided by the MBRCC including Know your Mortgage Risks and Responsibilities, a document developed by the MBRCC to educate borrowers on the more significant considerations and implication when committing to a mortgage.
About the MBRCC
The MBRCC is an inter-jurisdictional association of mortgage broker regulators that seeks to improve and promote harmonization of mortgage broker regulatory practices to serve the public interest. Its members work together and with stakeholders to identify trends and address common regulatory issues through national solutions that support consumer protection and an open and fair marketplace.
MBRCC members represent the nine provinces that currently have legislative and regulatory frameworks governing mortgage brokers or have an interest in developing one; British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland & Labrador.
SOURCE Mortgage Broker Regulators' Council of Canada
For further information: Shani Ratnapala, Mortgage Broker Regulators' Council of Canada, Shani.Ratnapala@fsco.gov.on.ca, 416-590-2036; Stéphanie Fournier, L'Organisme d'autoréglementation du courtage immobilier du Québec, firstname.lastname@example.org, 1-800-440-7170 ext. 8693