The Mortgage Broker Regulators’ Council of Canada (MBRCC) is promoting consumer protection through increased awareness of mortgage fraud risks and the adoption of anti-fraud strategies by mortgage brokers.
“We conducted a jurisdictional scan of current anti-fraud strategies and consulted key stakeholders regarding MBRCC’s role in combating mortgage fraud,” says Charles Stevenson, chair of MBRCC’s Mortgage Fraud committee and registrar of the Real Estate Council of Alberta. “What we learned was that there is a need for anti-fraud information that is applicable to every Canadian mortgage customer and mortgage broker, regardless of the specific legislation that governs mortgage brokering in their province or territory.”
Mortgage customers can now refer to MBRCC’s website for reliable information on what mortgage fraud is, how to spot it and how to report suspected fraud. Mortgage brokers can also refer to the website for information on their responsibilities to prevent mortgage fraud, an anti-fraud checklist and the consequences of fraud.
“The enhancement of consumer protection is an important strategic priority for the MBRCC,” says Alaina Nicholson, chair of the MBRCC and director of consumer affairs at the Financial and Consumer Services Commission of New Brunswick. “This new release is part of our commitment to promoting a common regulatory approach and consistent standards for mortgage brokers.”
The MBRCC is comprised of regulators across Canada responsible for administering mortgage broker legislation and regulating the industry in their respective jurisdictions.