Major London-based mortgage brokerage accused of 'dishonest' practices
CBC
A London mortgage broker with a long history of serving clients across Canada is at risk of losing his license and could face hefty fines following a probe by the Ontario regulator overseeing the industry.
The Financial Services Regulatory Authority alleges that William Handsaeme, president of Forest City Funding Inc., gave false and deceptive information and documents when brokering mortgages.
It accuses the principal broker, and by extension the company, of "acting in circumstances where it ought to have known that by acting it was being used by a borrower to facilitate dishonesty."
The allegations come after a two-year probe into the business dealings of Forest City Funding, the regulator said Tuesday.
Handsaeme was inducted into the 2022 Hall of Fame by the CMP, an advocacy group for mortgage professionals in Canada, and has been at the helm of the large London firm for more than two decades.
No one from the company was available for comment at the time of publication. The regulator said Handsaeme and company representatives are requesting a hearing on the matter.
It also said Forest City Funding brokered more than $2 billion worth of mortgages for more than 5,700 clients in 2022.
FSRA is proposing that Handsaeme's license be suspending and that he face a $10,000 fine. The company could be penalized $100,000.
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