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BC Financial Services Authority has taken enforcement action against a former mortgage broker, Gagan Deep Bachra, by issuing a penalty of $25,000.
BCFSA found that while Bachra was a registered submortgage broker, he conducted business in a manner contrary to the public interest in respect of multiple transactions when he:
- Submitted documents to lenders in support of borrowers’ incomes on seven mortgage applications which contained information that was inaccurate and did not represent the true income of the borrowers;
- Failed to verify or disclose existing debt obligations or liabilities to lenders in relation to four applications;
- Submitted inaccurate property occupancy information to lenders in support of borrowers’ mortgage applications by failing to verify whether borrowers met the primary residency condition of the mortgage in relation to four applications; and
- Failed to disclose to a lender that he had an interest in a transaction in respect of one transaction.
In addition to the penalty, Bachra must pay investigation and hearing costs in the amount of $17,767 and he is ineligible to apply to be a mortgage broker for one year.
- Decision on Penalty and Costs – Gagan Deep Bachra
- Report a Concern with BCFSA.
- Find a mortgage broker