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Kelowna mortgage broker suspended and fined $10,000

Image Credit: Pexels/Andrea Piacquadio

A Kelowna mortgage broker has been fined $10,000 by the Registrar of Mortgage Brokers and cannot apply to be relicensed for six months.

Dulce Maria Coelho-Fedoriw worked as a mortgage broker for a number of brokerage firms from 2010 to July 2020, but got in trouble for work she did in 2017, according to a consent order she signed with the Registrar.

In 2017, she was working for one mortgage firm but started facilitating mortgages for a different firm that she had worked for previously.

That firm’s registration expired in 2016, shortly after Coelho left. Yet, on five occasions in 2017, she facilitated mortgages using financial and employment information provided by the firm that she didn't verify with the clients themselves.

Coelho paid the firm between $700 and $1,000 for each mortgage she facilitated and received $15,000 in commission for those mortgages.

The firms are not named in the consent order, which refers to her as Coelho, rather than Coelho-Fedoriw.

She has not been registered as a broker since July 9, 2020.

The consent order means she has to wait another six months if she wants to reapply then she will have to be supervised for a further 12 months if she does get registered.

The $10,000 is referred to as an administrative penalty.

The fact that she is no longer registered, she showed remorse and cooperated with the Registrar’s staff were mitigating factors. Otherwise she would have been unable to reregister for 24 months, the consent order says.

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