Consumers are being warned to avoid a firm that appears to be soliciting mortgage business in Ontario.
The Financial Services Regulatory Authority of Ontario says that Refinance Hotline is not licensed to conduct mortgage business in the province.
The firm appears to be soliciting mortgage business through its website refinancehotline.ca - which at the time of writing is unavailable – and the phone number (416) 499-9999.
FSRA says that the firm is not licensed with them and is encouraging consumers to “exercise caution if they are contacted by the company or anyone using the above coordinates and claiming to represent Refinance Hotline.”
It further warns that “consumers are also advised not to obtain a mortgage arranged through the company.”
If consumers obtain a mortgage through individuals or companies not licensed by FSRA, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations that govern Ontario's licensed mortgage brokerages, brokers and agents.
Consumers may check if a mortgage brokerage, broker or agent is licensed at: http://mbsweblist.fsco.gov.on.ca/agents.aspx
More market update: