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Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerage, Lenders and Administrators Act, 2006,
S.O. 2006, c. 29, as amended (the “Act”), in particular section 35;

AND IN THE MATTER OF Streamline Mortgages Ltd. (the “Streamline Mortgages”).


COMPLIANCE ORDER

Streamline Mortgages is licensed as a Mortgage Brokerage (licence # 12750) under the Act.

On March 9, 2023, and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal to make an interim compliance order for Streamline Mortgages to:

  1. Within 60 days, review and update its policies, procedures and practices regarding identity verification, disclosure of material risks and all other obligations to lenders and borrowers as set out in Ontario Regulation 188/08;
  2. Within 120 days, train and sponsored brokers and agents on updated policies, procedures and practices; and
  3. Provide a written report to the Director with respect to the completion of items (i) and (ii).

The Notice of Proposal was delivered to Streamline Mortgages on March 13, 2023. Section 35(4) of the Act provides that any person on whom a Notice of Proposal is delivered has fifteen (15) days after the Notice of Proposal is received to request a hearing by the Financial Services Tribunal (the “Tribunal”).

On November 11, 2023, Streamline Mortgages withdrew the Request for Hearing, and, on November 23, 2023, the Tribunal closed its file in respect of this matter. Therefore, pursuant to section 39(7) of the Act, the Director makes the following order.

ORDER

It is hereby ordered that Streamline Mortgages Ltd. retain an independent consultant, approved in advance by the Director, to:

  1. Within 60 days, review and update its policies, procedures and practices regarding identity verification, disclosure of material risks and all other obligations to lenders and borrowers as set out in Ontario Regulation 188/08;
  2. Within 120 days, train and sponsored brokers and agents on the updated policies, procedures and practices; and
  3. Provide a written report to the Director with respect to the completion of items (i) and (ii)

for the reasons set out in the Notice of Proposal.

DATED at Toronto, Ontario November 24, 2023

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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