The Financial Services Commission of Ontario (FSCO) is warning consumers that Toronto Best Mortgages (http://torontobestmortgages.com/) is not licensed to do mortgage brokering business in Ontario.
It should be noted that Toronto Best Mortgages is not connected to The Mortgage Centre/Mortgage Professionals Inc. (www.torontosbestmortgage.com), a licensed mortgage brokerage, or Shubha Dasgupta, a licensed mortgage broker.
If consumers arrange a mortgage from a mortgage brokerage, broker or agent that is not licensed in the province, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006, which holds Ontario’s mortgage brokerages, administrators, brokers and agents to specific standards.
A licensed Ontario mortgage brokerage, administrator, broker or agent can provide information and advice on the risks involved in borrowing, lending or investing for different mortgage products.