How to File a Complaint Against a Mortgage Broker in Ontario

Filing a complaint against a mortgage broker in Ontario can seem daunting, but knowing the steps can simplify the process. If you believe a mortgage broker has acted unethically or failed to meet their obligations, it's essential to understand your rights and the proper channels for filing a complaint. First, identify the issue clearly—whether it's misinformation, lack of communication, or breach of contract. Gathering evidence, such as emails, contracts, and records of conversations, is crucial. Once you have your information organized, the next step is to contact the mortgage broker directly. Many issues can be resolved through direct communication. If the broker is unresponsive or the issue remains unresolved, you can escalate your complaint to the Financial Services Regulatory Authority of Ontario (FSRA). This regulatory body oversees mortgage brokers and can investigate complaints. You’ll need to complete a complaint form on their website, providing all necessary documentation and a clear description of your concerns. The FSRA takes complaints seriously and will inform you of the progress. In case the FSRA cannot resolve the matter, you might also consider other options, such as seeking legal advice or contacting an ombudsman. Understanding your rights as a consumer and knowing how to navigate the complaint process can help ensure you receive a fair resolution. Remember, documentation and clarity are key in making your case stronger.