Does FSCO have a standard form for disclosing the cost of borrowing?
FSCO does not require a standard form for disclosing the cost of borrowing. Mortgage Brokerages have the flexibility to design their own forms in compliance with Ontario Regulation 191/08 – Cost of Borrowing and Disclosure to Borrowers. A Mortgage Brokerage can develop its own form, or it may choose to use one of the Cost of Borrowing Disclosure Forms currently being developed by the Mortgage Brokerage industry associations and vendors.
Related Questions
- The cost of borrowing is disclosed in the current Statement of Mortgage Form. Does this meet the disclosure requirement for the cost of borrowing?
- Does FSCO require a standard cost of borrowing disclosure form, or is my Mortgage Brokerage responsible for developing its own form?
- Does FSCO have a standard form or sample wording for disclosing risks for typical residential mortgages?
