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A BC mortgage broker who allowed colleagues to use his log-in to apply for mortgages has been fined $30,000.

According to a June 22 BC Financial Services Authority decision, mortgage broker Tony Young shared his username and password for a computer system brokers use to apply for mortgages.

The decision said Young worked with two colleagues, and he and another colleague would generate clients and then pass information to a third colleague who would then submit applications.

The three would share the commission made equally regardless of who got the deal.

However, the regulator said Young failed to verify the information in at least five applications between 2016 and 2017 that used his log-in.

In one application submitted to two different lenders, each contained a different income for the same rental suite. One application said $1,000 a month and the other $1,500.

Another application failed to tell to lenders that the borrowers were also seeking mortgage financing for the purchase of a rental property.

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A separate application failed to tell lenders the borrower had sought financing with the same brokerage three weeks earlier.

"Mr. Young did not review the mortgage applications and related documents and was unaware of the factual inaccuracies in the mortgage applications," the regulator said.

The decision said Young was a submortgage broker with Elite Lending Corp. doing business as DLC Elite Lending at the time of the conduct.

The Vancouver-based mortgage broker signed a consent agreement admitting to what happened.

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The regulator fined Young $30,000 and he's on the hook for $3,560 in fees. He has 30 days to pay.

The decision said he agreed not to share his log-in information with anyone in the future.

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