B.C. mortgage broker fined $25,000 for not disclosing commission
A B.C. mortgage broker who had previously been warned by the B.C. Financial Services Authority is now on the hook for $35,000 for not disclosing how much commission she was making with several clients.
According to a Jan. 25 from the financial service regulator, Vancouver mortgage broker Sophiya Sadrudin Dewshi failed to complete the correct paperwork on three mortgage applications and did not disclose the amount of commission that would be paid.
Dewshi signed a consent order admitting to her behaviour and agreed to pay a $20,000 fine plus $15,000 in costs.
The decision said in 2019 Dewshi, who also works as a realtor, was audited and multiple "deficiencies" were found with her record keeping.
The regulator issued her a warning letter but it appears Dewshi didn't pay it much attention. In 2021, it followed up and found she hadn't followed its recommendations.
"(Financial Service Authority) staff found that in all the deals Sophiya Dewshi had completed, she had failed to adequately complete the Form 10s," the decision read. "Specifically, each Form 10 did not include the legal descriptions of the subject property and Sophiya Dewshi did not disclose to the borrowers the commissions she received from the lenders."
The decision didn't say how much commission she made from the mortgages.
READ MORE: Unlicensed B.C. property manager on the hook for $100K
And Dewshi doesn't have a clean record.
The financial regulator says in 2016 the Real Estate Council took disciplinary action against her.
"Dewshi admitted to committing professional misconduct which included failing to disclose to the buyers in writing prior to the buyers’ first offer being considered that she was a shareholder and director of the company selling the Property," the decision read.
The decision didn't say whether Dewshi was suspended or fined for the infraction.
She now has 30 days to pay the $35,000.
READ MORE: B.C. realtor made $1K in dodgy sale, gets fined $25K
To contact a reporter for this story, email Ben Bulmer or call (250) 309-5230 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.
