Subject: PSF
Ontario consumers should avoid using Canada Lending Corp to obtain a mortgage
TORONTO, Nov. 22, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers to avoid using Canada Lending Corp to obtain a mortgage as it is not licensed by FSRA to conduct mortgage business in Ontario.
Canada Lending Corp is located at 380 Wellington Street Tower B, 6th floor, London Ontario, N6A 5B5 and has a website: https://canadalendingcorp.com.
It has been reported that Canada Lending Corp solicits what they refer to as "Home Loans." Canada Lending Corp is allegedly collecting information from consumers including details about employment, housing, income and Social Insurance Numbers. However, Canada Lending Corp doesn't have a licence to ask for this information. Once they take upfront fees, they cease communication and do not provide funding for a mortgage.
FSRA encourages consumers to exercise caution if they are contacted by the company or anyone who is using the above website and claiming to represent Canada Lending Corp. Consumers are also advised not to obtain a mortgage arranged through Canada Lending Corp.
In Ontario, only a FSRA-licensed mortgage agent or broker may perform assessments of consumers for mortgages. They must also work for a licensed brokerage. Canada Lending Corp is not a FSRA-licensed brokerage.
FSRA licenses mortgage brokerages, brokers, and agents to safeguard public confidence and trust in Ontario's financial services. If obtaining a mortgage through individuals or companies not licensed by FSRA, be aware that consumers are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations that govern Ontario's licensed mortgage brokerages, brokers, and agents.
Consumers are encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage or administrator.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness, and choice for consumers and members. Learn more at www.fsrao.ca
For public enquiries, please email [email protected]
Russ Courtney
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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