Agent loses license for misleading lenders and arranging risky mortgages
The Financial Services Regulatory Authority of Ontario (FSRA) has suspended Aid Almusri's mortgage agent license and levied $30,000 in administrative penalties.
The regulator found that Almusri gave lenders inaccurate information while arranging three separate mortgage transactions, violating subsection 43(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006.
"Almusri failed to take reasonable steps to ensure that the three mortgages were suitable for his clients and failed to adequately disclose certain material risks and conflicts of interest relating to the mortgage transactions, contrary to section 3 of Ontario Regulation 187/08," an FSRA statement read.
Read next: FSRA reminds mortgage professionals to begin license renewal process
FSRA’s orders against Almusri were issued due to a settlement between the mortgage agent and the regulatory authority.
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