False mortgage broker active in Mississauga, Pickering, Oakville and other cities: Ontario’s financial services regulator
Published November 23, 2022 at 4:41 pm
Ontario’s financial services regulatory body is warning people to beware of an individual who is allegedly posing as a mortgage broker.
The Financial Services Regulatory Authority of Ontario (FSRA), an agency which acts as the financial regulator for the province, recently announced that a person named Syed Nasir Hussain Zaidi is soliciting mortgages using referrals from realtors and/or friends of consumers while presenting himself as a mortgage broker.
According to a news release, the individual (or his sole proprietorships) requests deposits from customers to be used as down payments on properties. The FSRA says these customers are presented with a false mortgage commitment that leads them to believe, incorrectly, that financing is in place.
“When the property purchase closing date approaches, consumers learn their deposits were not used for a down payment,” the FSRA said in a news release.
“This forces consumers to get mortgages from private lenders at higher interest rates and fees through Syed Nasir Hussain Zaidi.”
A spokesperson with the FSRA told insauga.com that it has received reports from victims from across the province, including in Mississauga, Bradford, Newmarket, Pickering, and Toronto.
The spokesperson said the FSRA is looking into reports that the individual could be operating out of communities such as King City, Oakville, Toronto, and Thornhill.
The FSRA is advising people not to obtain mortgages arranged through this individual or companies connected to him.
Anyone who believes they are a victim is encouraged to contact police.
“When working with a realtor who refers you to a mortgage broker, please ensure the mortgage broker is licensed by FSRA. FSRA licenses mortgage brokerages, brokers and agents to safeguard public confidence and trust in Ontario’s financial services,” the FSRA said in a news release.
“Consumers are encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage or administrator.”insauga's Editorial Standards and Policies advertising