As required under MBLAA 2006, all agents must work under the supervision of a licensed broker. Broker of Record may conduct on-site inspection at the Principal Broker’s discretion.
RMA 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
All agents will be required to attend staff meetings on a regular basis either in person or by conference call. Attendance will be mandatory for these meetings.
While the chief Compliance Officer is ultimately responsible for the documentation of agents’ files, the regional supervisor 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.
Be advised that, The Principal Broker checks FSCO’s website daily to confirm that an agent is not registered with another Brokerage.
REAL MORTGAGE ASSOCIATES INC. will notify the Superintendent of any Broker or Agent who it has been deemed to be unfit or not suitable to be licenced as required by
The supervising broker will immediately notify the chief Compliance Officer of any contraventions of the legislation. The supervising brokers will Act as a liaison with the chief Compliance Officer who is ultimately responsible for the overall supervision of all staff.
