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If a Mortgage Agent provides his/her own money to fund a mortgage transaction through the Mortgage Brokerage, is it the Principal Broker’s responsibility to ensure compliance?

April 26, 2017agent broker brokerage fund money mortgage Principal provides responsibility transaction

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If a Mortgage Agent provides his/her own money to fund a mortgage transaction through the Mortgage Brokerage, is it the Principal Broker’s responsibility to ensure compliance?

1 Answer

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The Mortgage Brokerage and Principal Broker are responsible for ensuring the mortgage transaction is compliant with the Mortgage Brokerages, Lenders and Administrators Act, 2006 and regulations.