Launched by the Mortgage Broker Regulators’ Council of Canada, the database brings together information from provincial and nationwide regulators.
"Mortgage brokers are regulated professionals who can help you find the right mortgage to finance your home. This new, easy-to-use database gives consumers a way to help check a broker's background before entrusting them with such an important financial transaction," said Rory Peters, chair of the MBRCC.
By entering a name or company in a search, consumers will see any disciplinary actions taken against an individual broker or their company. The information will remain on the system for the same time as it does on provincial or other regulators’ databases.
Checking the status of mortgage brokers should still be done via provincial regulators’ websites.
More market update:
Mortgage brokers who have broken the rules will now be more easily identified by consumers through a new online portal.