The following contains all of the critical Policies and Procedures required under the Mortgage Brokerage, Lenders and Administrators Act 2006 (MBLAA) for Real Mortgage Associates Inc. in order to govern how all of our Mortgage Agents and Brokers will conduct their day-to-day business.

Policies and Procedures are required under Ontario regulation 188/08 s. 41
Our brokerage designated a principal broker who satisfies the following criteria:

  • The individual is a mortgage broker who is authorized by the brokerage to deal or trade in mortgage on its behalf.
  • The individual is a Director or Officer of the corporation

The brokerage will notify FSCO within 5 days if there is a change of principal broker (O. Reg. 193/08, s. 11)
Every broker and agents will notify FSCO and Real Mortgage Associates of any changes to their personal information (email, home address, phone number, fax number)
The brokerage will adequately supervise its brokers, agents and branch offices (O. Reg. 188/08, s. 40)

REAL MORTGAGE ASSOCIATES INC. will appoint a number of licensed brokers to Act as regional supervisors. These regional supervisors will be responsible for the following:

  • The regional supervisor must be available as required to assist the agents under his supervision
  • The regional supervisor will Act as a mentor as well as a supervisor to the agents under his control
  • The broker will review and sign Investor Disclosure Forms on behalf of the agents prior to them being forwarded to the investor for review
  • The regional supervisor will physically meet with all agents under his control at least once a quarter
  • Attendance is mandatory for these meetings.

While the chief Compliance Officer is ultimately responsible for the documentation of agents’ files, the regional supervisors will randomly spot check files in progress to ensure compliance with the legislation.

Agents who hire assistants to assist with administrative functions must ensure that the assistants are not dealing in mortgages as defined in the Act. Administrative assistants are prohibited from taking applications, signing clients or directly discussing product placement with potential clients. Their role should be restricted to dealing with lenders and borrowers with respect outstanding documentation and other administrative functions. It will be the responsibility of the supervising broker to ensure that administrative assistants are not dealing in mortgages illegally.

The brokerage is not involved in any other business with another entity that may jeopardize the integrity, independence or competence of its mortgage brokerage activity (O. Reg. 188/08, s.56)

The brokerage will file electronic an Annual Information Return by no later than March 31st of every year.

Real Mortgage Associate Inc. is a corporation:

  • The corporation was incorporated in Canada
  • The corporation has a physical mailing address in Ontario (O. Reg. 408/07 s. 1(1)): 578 Upper James Street, Hamilton, Ontario L9C 2Y6
  • The brokerage will notify FSCO of any changes in the location (place of business) within 5 days.
  • In the event of any office location opening or closing, the brokerage will notify FSCO within 5 days (O. Reg. 193/08 s 8 and 9)
  • The brokerage will notify FSCO within 5 days if there are any changes to their directors or officers. (O. Reg. 193/08 s. 10)
    The brokerage will report to FSCO any email, phone number or fax number changes within 5 days.


Errors & Omissions

The corporation has Errors and Omissions (E&O) from an insurer who is approved by the Superintendent of FSCO.

This E&O must have a minimum of $500,000 in respect of any one occurrence involving the corporation or any broker or agent authorized to deal or trade in mortgages on its behalf and $1 million in respect of all occurrences during a 365 day period involving the corporation or any broker or agent.

The brokerage will always carry E&O insurance with the required coverage while dealing and trading in mortgages. (O. Reg. 188/08 s.42)

Proof of insurance will be available to FSCO upon request.

For a comprehensive guide of Real Mortgage Associates’ Policy and Procedures click on each link below or to download a full copy in PDF format Section 1 click HERE. Section 2 click HERE