The Financial Services Regulatory Authority of Ontario (FSRA) has issued an order revoking the mortgage administrator licence of 2748204 Ontario Inc. operating as Flex Home Loans, with the revocation effective 90 days after the issuance of a compliance order. FSRA also imposed an administrative penalty of CAD 8,000 on Michael Yosher, with both orders arising from a settlement. FSRA found that Flex Home Loans carried on business as a mortgage lender in Ontario while not being licensed or exempt from licensing, contrary to section 4(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006, and that this conduct provided reasonable grounds to believe the firm was not suitable to be licensed under the Act. Yosher was penalised for making false declarations in two licence renewal applications, contrary to sections 45(1) and 45(2) of the Act.
Financial Services Regulatory Authority of Ontario 2026-03-31
Financial Services Regulatory Authority of Ontario orders revocation of Flex Home Loans’ mortgage administrator licence and penalises Michael Yosher CAD 8,000
The Financial Services Regulatory Authority of Ontario has revoked the mortgage administrator licence of 2748204 Ontario Inc. operating as Flex Home Loans and imposed an administrative penalty of CAD 8,000 on Michael Yosher, following a settlement. FSRA found that Flex Home Loans conducted mortgage lending business in Ontario without being licensed or exempt, and that Yosher made false declarations in licence renewal applications, breaching the Mortgage Brokerages, Lenders and Administrators Act, 2006.