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BCFSA Imposes Penalty Against Mortgage Broker for Failure to Verify Information
BC Financial Services Authority has issued a $30,000 penalty against a registered mortgage broker, Tony Young, and ordered him to pay partial investigative costs in the amount of $3,560.
Tony Young conducted business in a manner contrary to the public interest by:
- Permitting another registered submortgage broker to have access to his credentials to an online mortgage platform (Filogix) to create and submit mortgage applications; and
- Not exercising due diligence to verify the accuracy of information in respect of at least five applications created and/or submitted under his Filogix account by the other broker, some of which contained factual inaccuracies.
BCFSA reminds all mortgage brokers that they have a duty to ensure that any information being sent to a lender is verified. Brokers will be held accountable for errors or omissions they ought to have verified by conducting due diligence of the mortgage applications submitted under their name.
More Information
Media Contact:
Warren Mirko
Communications Manager, (778) 783-4057, [email protected]
Visit: www.bcfsa.ca