RECA Consultation Submission

by Mortgage Professionals Canada | May 15, 2018
We are pleased to respond to the Real Estate Council of Alberta’s (RECA) consultation paper.

We would like to thank our members for their invaluable feedback regarding the Real Estate Council of Alberta’s (RECA) consultation paper, Mortgage Brokerage – Proposed Standards of Practice and Rule Changes.

The paper includes proposed amendments to standards of practice and rule changes affecting mortgage brokers in the province and your feedback and participation were vital in supporting our collective position.  

The submission provides constructive feedback on how to improve the proposals by increasing both efficiencies and consumer protection with a focus on the following key areas: 

  • Disclosure on material risk and suitability to consumers
  • Removal of intermediary relationship option
  • Document and Information Verification: Mortgage Fraud
  • Private Lending Procedures
We will keep you updated on the next steps as we continue our discussions to ensure that our voice is heard on these important initiatives.