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Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 19, 21, 35, 38, and 39;

AND IN THE MATTER OF 2748204 Ontario Inc. operating as Flex Home Loans and Michael Yosher;


ORDER TO REVOKE LICENCE, IMPOSE A COMPLIANCE ORDER, AND IMPOSE AN ADMINISTRATIVE PENALTY

Michael Yosher (“Yosher”) was licensed as a mortgage agent (licence # M09002894) under the Act between December 22, 2009, and March 31, 2024.

2748204 Ontario Inc. operating as Flex Home Loans (“Flex Home Loans”) is licensed as a mortgage administrator (licence # 13354) under the Act, beginning on March 10, 2021. Yosher is the owner and sole director of Flex Home Loans.

On May 30, 2025, the Director, Litigation and Enforcement (the “Director”), by delegated authority from the Chief Executive Officer (“Chief Executive Officer”) of the Financial Services Regulatory Authority of Ontario (“FSRA”), issued a Notice of Proposal to impose a compliance order on Flex Home Loans, revoke the mortgage administrator licence issued to Flex Home Loans, and impose an administrative penalty on Yosher.

A Request for Hearing (Form 1), dated June 13, 2024, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 21(3), 35(4), and 39(5) of the Act respecting the Notice of Proposal.

On February 26, 2026, Flex Home Loans and Yosher withdrew the Request for Hearing, and, on February 27, 2026, the Tribunal closed its file in respect of this matter.

These Orders are made pursuant to a settlement entered into by Flex Home Loans, Yosher, and the Director.

ORDER

For the reasons set out in the Minutes of Settlement it is hereby ordered that:

  1. Michael Yosher (“Yosher”) and 2748204 Ontario Inc. operating as Flex Home Loans (“Flex Home Loans”) shall cease and desist from the business of mortgage lending in Ontario in a manner contrary to the Mortgage Brokers, Lenders, and Administrators Act, 2006, S.O. 2006, c. 29 (the “Act”), and specifically will only lend through a licensed mortgage brokerage or other exempt person, consistent with section 4(2) of the Act;
  2. Within 5 days of this compliance order taking effect, Flex Home Loans and Yosher will inform the investors that Flex Home Loans is currently administering mortgages for that Flex Home Loans’ administrator licence is being revoked after a period of 90 days after the issuance of this compliance order (the “90-day Reporting Period”), that it cannot administer mortgages after its licence is revoked, and that investors must find a new licensed mortgage administrator or take over administering their investments themselves; and
  3. During the 90-day Reporting Period:
    1. Flex Home Loans will not accept or solicit any new mortgage administration clients and will not agree to administer any new mortgages;
    2. Flex Home Loans will facilitate investors finding a new mortgage administrator licensed under the Act or an entity exempted from the requirement of obtaining a mortgage administrator licence under the Act, or taking over administration of their investments themselves;
    3. Flex Home Loans will provide reporting on the facilitation of the transfer of investors to licenced mortgage administrators or entities exempted from the requirement of obtaining a mortgage administrator licence under the Act, every 30 days of the 90-day Reporting Period, with a minimum of 20% of investors transferred or exited by the end of each of the first two Reporting Periods; and
    4. However, neither the failure by any of the investors to find a new mortgage administrator licensed under the Act or an entity exempted from the requirement of obtaining a mortgage administrator licence, nor the failure by the investors to administer their own mortgages, shall constitute default by Yosher or Flex Home Loans under the Minutes or under this Order.

DATED at Toronto, Ontario, March 5, 2026.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


ORDER

The mortgage administrator licence (licence #13354) issued to 2748204 Ontario Inc. operating as Flex Home Loans is hereby revoked, effective June 3, 2026, for the reasons set out in the Minutes of Settlement.

DATED at Toronto, Ontario, March 5, 2026.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


ORDER

An administrative penalty in the total amount of $8,000 is hereby imposed on Michael Yosher, for the reasons set out in the Minutes of Settlement.

TAKE NOTICE THAT Financial Services Regulatory Authority of Ontario will deliver an invoice to Michael Yosher as to where and how to pay the administrative penalties. Michael Yosher must pay the administrative penalties no later than thirty (30) days after the date of this Order or as otherwise agreed on.

If Michael Yosher fails to pay the administrative penalties in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is enforceable as such.

DATED at Toronto, Ontario, March 5, 2026.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


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