August Reminder: Common Compliance Issues

As always, we’re trying to ensure you’re up to date with all elements of compliance to help ensure your clients have the best information, and that you and the brokerage are covered. Just a few reminders about issues we’ve been seeing over the summer:

• Title Insurance (Disclosure): If Title Insurance is required by the lender, this should be a separate line-item from standard legal fees on the Disclosure to Borrower. Please also make sure it’s included in the APR

• Material Risks: This form is mandatory. There is a version you can use on the FCFunding.ca website in the agent portal (see the Material Risks Addendum); or for those agents using Velocity, there is one that can be generated from that platform as well

• Out of Province Deals: Please ensure you’re working on deals only in provinces where both you and the brokerage are authorized. Right now, that means ON and NB (though we’re working on others). Other options to ensure compliance include co-brokering or using the DLC Access Desk.

• Advertising Compliance: FSRA is preparing for a blitz on advertising and marketing in the space. At minimum, please make sure that your email signatures and materials include all required elements: Your Name, Your Status (Agent Level 1, Agent Level 2, or Broker), the Brokerage’s Name (Dominion Lending Centres FC Funding - Independently Owned & Operated), and the Brokerage’s FSRA number (10671).