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Broker fined $50K for using fake documents with mortgage applications

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A former BC mortgage broker has been fined $50,000 for submitting fake documents with mortgage applications.

According to an Aug. 2 BC Financial Services Authority decision, Ravinder Biln used falsified documents for five mortgage applications in 2017 and 2018.

Biln, who was a submortgage broker and went by the name Ravinder Kaur at the time, worked for Surrey-based Mortgage Architects Kraft Mortgages Canada.

The decision says Biln created income documents in support of mortgage applications which she then submitted to lenders.

In 2017 she falsified a letter of employment and two pay stubs for a client, for a company they didn't work for.

In early 2018, she submitted an application to Scotiabank including an employment verification letter and two pay stubs.

However, the letter contained a false start date and an hourly wage that were "inaccurate and misleading."

On the same application, she then created false wage slips and an employment letter for the other person on the mortgage application.

Weeks later she did the same thing for another mortgage application.

READ MORE: BC mortgage broker who shared log-in and password fined $30K

Days after submitting that application, she again falsified the dates on a letter of employment for another Scotiabank application.

In June 2018, when making a mortgage application to Coast Capital Savings Credit Union, she included a T4 slip and two pay stubs from an employer she knew her client didn't work for.

Biln signed a consent agreement admitting to her conduct.

The decision says she became a mortgage broker in 2012 and gave up her license in 2020. The decision says she does not intend to return to the industry.

"Ms. Biln conducted mortgage business in British Columbia in a manner prejudicial to the public interest," the decision reads.

READ MORE: B.C. mortgage broker fined $50,000 for walking out of meeting

The decision gives no mention of how or when the applications were found to have been fake.

The BC Financial Services Authority issued a $50,000 fine and gave Biln 30 days to pay.


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