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BC Financial Services Authority has taken action against former mortgage broker Ravinder Biln by issuing an administrative penalty of $50,000.
Biln, also known as Ravinder Kaur, conducted business in a manner contrary to the public interest in respect to five mortgage applications by:
- Creating employment letters, paystubs, and other income documents that she knew were false for the purpose of obtaining mortgage financing; and
- Submitting mortgage application supporting documents to lenders when she knew or ought to have known that the documents were not genuine, and the information was inaccurate and misleading.
Although Biln is no longer licensed as a mortgage broker, she is licensed to provide real estate services. BCFSA placed restrictions on her real estate licence pending the conclusion of its investigation when BCFSA could consider further disciplinary proceedings under the Real Estate Services Act.
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 even if they are no longer licensed.