B.C. woman who 'carried on' as mortgage broker, sent falsified documents ordered to pay $35K
CTV
A woman from B.C.'s Lower Mainland has been handed a $35,000 penalty after admitting she "carried on" as a mortgage broker in the preparation of 10 mortgage applications, despite lacking the necessary registration.
A woman from B.C.'s Lower Mainland has been handed a $35,000 penalty after admitting she "carried on" as a mortgage broker in the preparation of 10 mortgage applications, despite lacking the necessary registration.
Three of the mortgage applications Sarbjit Bains was involved with also contained “falsified financial documents,” according to a consent order she signed with the province’s registrar of mortgage brokers.
While the falsified documents were provided to Bains by another unregistered broker, identified only as JKC in the consent order, Bains neither confirmed their veracity nor met with the associated mortgage applicants before passing them along to a bank employee.
“Ms. Bains knew or ought to have known that these documents were not genuine,” reads the Oct. 22 order, which also notes bank staff "relied on" some of the documents to “make lending decisions.”
The name of the bank is redacted in the order.
Bains was working as a mortgage specialist at a different financial institution – whose name is also redacted in the order – when she helped arrange the 10 mortgages between 2018 and 2019.
She acknowledged that doing so was beyond the scope of her role and violated B.C.’s Mortgage Brokers Act.
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