Agent penalized for continuing work after licence revocation
The Financial Services Regulatory Authority of Ontario (FSRA) has taken action against Millicent Prince, a former agent with Mortgage Architects, for engaging in mortgage activities without a valid licence.
The FSRA issued a compliance order and imposed $5,000 in administrative penalties for these violations.
According to settlement documents, Prince’s mortgage agent licence was revoked on March 8, 2022, due to past misconduct and dishonesty, including providing false information and failing to disclose a previous revocation of a real estate agent licence.
Despite the revocation, Prince continued to deal in mortgages, which is prohibited under Ontario law without a proper licence.
Evidence gathered by the FSRA showed that Prince attempted to assist a client with refinancing their mortgage after the licence revocation. The client reported that Prince’s actions resulted in a lower credit score and a higher interest rate.
Despite the lack of a valid licence, Prince used the title “mortgage agent” in email communications, misleading the client about their professional status.
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Under Ontario law, an individual must hold a valid licence to legally engage in mortgage negotiations or arrangements.
“The Act requires that individuals be licensed to deal in mortgages and prohibits the use of restricted titles like ‘mortgage agent’ by those who are not licensed,” FSRA stated.
The compliance order issued by FSRA requires Prince to cease and desist from dealing in mortgages and using the title “mortgage agent”.
Prince was originally licensed as a mortgage agent from October 27, 2014, until the licence was revoked in 2022.
The revocation followed a series of findings that Prince was unsuitable to hold a licence due to a history of dishonesty and misconduct.
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