Gabriel Nussbaum and Mortgage Investment Group are not licensed to do mortgage brokering business in Ontario
TORONTO, Sept. 24, 2013 /CNW/ - The Financial Services Commission of Ontario (FSCO) is warning consumers that Gabriel Nussbaum and Mortgage Investment Group are not licensed to do mortgage brokering business in Ontario.
On its website, "www.mortgageig.ca", Mortgage Investment Group claims to arrange mortgages and promises a high return on investment. The website also lists a phone number: 905-469-8278. Consumers should exercise caution if they are contacted by anyone matching this description.
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
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