The Financial Services Regulatory Authority of Ontario has imposed conditions on the mortgage broker licence of Rahman Mohammed and administrative penalties totalling CAD 15,000 under an order issued following a settlement. The order found that, as Principal Broker, Mohammed failed to take reasonable steps to ensure that his brokerage and he complied with the Mortgage Brokerages, Lenders and Administrators Act, 2006 and Ontario Regulation 410/07. It also cited causing the brokerage to take insufficient steps to verify a borrower’s identity, failing to take reasonable steps to ensure a mortgage was suitable for a borrower, and facilitating dishonesty and illegal conduct, contrary to requirements in Ontario Regulations 187/08 and 188/08.
Financial Services Regulatory Authority of Ontario 2026-01-12
Financial Services Regulatory Authority of Ontario imposes licence conditions and CAD 15,000 penalties on mortgage broker Rahman Mohammed
The Financial Services Regulatory Authority of Ontario imposed conditions on Rahman Mohammed's mortgage broker licence and issued CAD 15,000 in penalties for non-compliance with the Mortgage Brokerages, Lenders and Administrators Act, 2006, including failures in borrower identity verification and mortgage suitability.