Titan Equity Group LTD is not licensed to conduct syndicated mortgage brokering business in Ontario
TORONTO, March 24, 2015 /CNW/ - The Financial Services Commission of Ontario (FSCO) is warning consumers that Titan Equity Group LTD is not licensed or registered to conduct syndicated mortgage brokering business in Ontario.
Titan is soliciting syndicated mortgage investments via their website, http://www.titansinv.com, offering investments as "PMI's" or "pooled mortgage investments." The investments are available through cash or registered funds (RSP, RESP, TFSA, LIRA, LIF, RIF) or a combination of both. Titan advertises between 8 to 12 per cent fixed contractual returns, with terms between 1 and 5 years.
This entity provides the following contact information on its website:
2501 Rutherford Road
Consumers should exercise caution if they are contacted by anyone from these coordinates. Consumers should also be aware that all mortgage brokerages, brokers and agents in Ontario are required to disclose the material risks of any mortgage investment to investors in writing and in plain language. Investors should ensure they receive this disclosure and should carefully review it, ideally alongside independent legal advice, before making an investment or lending decision. It is important to note that syndicated mortgage investments may not be guaranteed and are made at the risk of the investor.
If consumers arrange a mortgage from a mortgage brokerage, broker or agent that is not licensed in the province, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006, which holds Ontario's mortgage brokerages, administrators, brokers and agents to specific standards.
FSCO's website contains a list of all mortgage brokerages, administrators, brokers and agents licensed to do business in Ontario as well as tips on shopping around for a mortgage.
A licensed Ontario mortgage brokerage, administrator, broker or agent can provide information and advice on the risks involved in borrowing, lending or investing for different mortgage products.
SOURCE Financial Services Commission of Ontario