MBRCC Releases Private Mortgage Lending Review Report
TORONTO, April 1, 2025 /CNW/ - The Mortgage Broker Regulators' Council of Canada (MBRCC) is publishing its Private Mortgage Lending Review Report, which is an important achievement reflecting MBRCC's commitment to enhance outcomes for consumers.
This is also a significant accomplishment in MBRCC's 2023-2026 Strategic Plan. In its 2020-2023 Strategic Plan, MBRCC committed to conduct research into private lending practices across jurisdictions to better understand the risks related to the mortgage broker industry's engagement in this activity. This initiative also continued in the 2023 to 2026 cycle.
The Private Mortgage Lending Review Report provides an overview of the common private lender labels used in the mortgage brokering sector based on MBRCC's review of the existing private lending landscape. The Report will assist the industry and consumers to understand the different types of private lenders along with some of the benefits and possible risks in dealing with each type of private lender. It will also inform future regulatory initiatives of MBRCC and its Members.
Link to the Private Mortgage Lending Review Report
About the Mortgage Broker Regulators' Council of Canada:The MBRCC is comprised of regulators across Canada responsible for administering mortgage broker legislation and regulating the industry in their respective jurisdictions. MBRCC is a forum for Canadian mortgage broker regulators to collaborate and promote greater regulatory effectiveness, efficiency and consistency to serve the public interest.
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SOURCE Mortgage Broker Regulators' Council of Canada