Files in process
All files that are in process should be maintained in accordance with the privacy policy and protection of data policy. Once complete, the file will be forwarded to head office for compliance audit and payment of fees due.
Completed files
All completed files will be forwarded in electronic format to head office. Upon receipt of the file, the chief Compliance Officer or designate will review all documentation to ensure total compliance with MBLAA, 2006. An electronic notation in the file will indicate that the file has been reviewed and complies.
Files that are deficient will be returned to the originating agent for rectification. No payment will be made to the broker or agent until the file is complete and satisfies all of the requirements.
File retention
[Reg.188/08,s.48 (1-3)]
Original mortgage files will be retained with the mortgage agent/broker for a period of six years past the maturity date of the mortgage whether the file closed or not. All documentation deemed to be pertinent will be kept on file for six years. This includes emails and notes on all files.
Electronic copies of closed mortgage files will be retained at Head Office at 3370 South Service Rd Burlington, ON for a period of six years past the maturity date of the mortgage. All documentation deemed to be pertinent by us will be kept on file for six years. [Reg.188/08,s.4-7]
Documentation relating to cancelled or incomplete files will be maintained for a minimum of six years by acting agent or broker. All hard copies will be shredded after that point in time. http://rmanet.ca/8271/policies-and-procedures-2010.aspx
[Reg. 188/08 s. 46(1)]
