Does FSCO have a standard form or sample wording for disclosing risks for typical residential mortgages?
FSCO does not require a standard form or standard wording for disclosing material risks for typical residential mortgages. Mortgage Brokerages have the flexibility to design their own forms, and develop their own wording in compliance with section 25 of Ontario Regulation 188/08 – Mortgage Brokerages: Standards of Practice. 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.
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