B.C. mortgage broker banned for life
A B.C. mortgage broker has been banned for life by the regulator for working with an unlicensed broker who was blacklisted.
According to a July 14, B.C. Financial Services decision, Grant Brian Curtis was a registered sub mortgage broker when he worked with an unregistered mortgage broker for six borrowers which led to five mortgage applications.
The regulator doesn't give the name of the blacklisted mortgage broker or their company but says that in 2011 a cease and desist order was issued because of their unregistered mortgage activity.
In 2014 the regulator put out an industry alert advising brokers of the cease and desist order and warning them not to work with the blacklisted individual.
However, Curtis worked with the unregistered mortgage broker for six applications.
The decision says Curtis forwarded the borrowers’ personal, employment, and financial information to the unlicenced broker in support of mortgage applications.
"In his capacity as a submortgage broker, Mr. Curtis conducted business in a manner that is prejudicial to the public interest," the Financial Services Authority said in the decision.
The decision says Curtis was a submortgage broker with Dominion Lending Centres Mountain View Ltd. which do business as DLC Mountain View. The company is based in the Lower Mainland.
When the company found out about what Curtis had done he was promptly fired in 2019.
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Curtis signed a consent agreement with the Financial Services Authority and admitted to his actions.
He said he was aware that the blacklisted individual wasn't registered and he'd been warned not to do business with him.
The decision does not say how much money Curtis made while working with the unlicensed broker.
Curtis, who became a registered mortgage broker in 2008 was banned for life, although the regulator did not issue a financial penalty.
The decision says, prior to this, Curtis had no history of discipline.
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