TECHNOLOGY FOR THE MORTGAGE INDUSTRY

 Regulation

 

Introduction
Tools for Consumers
Credit and Fraud
Tools for Brokers
Tools for Lenders
Tools for Insurers
Links

Regulation Associations Education Research Data

In Canada federally chartered institutions and federally administered pension plans are regulated and monitored by the  Office of the Superintendent of Financial Institutions (OSFI) which reports to the Department of Finance.  This includes many mortgage lenders including

bulletbanks
bulletfederally incorporated or registered trust and loan companies
bulletinsurance companies
bulletcooperative credit associations
bulletfraternal benefit societies
bulletpension plans

The OSFI enforces the Trust and loan Companies Act which can be found here.

Canadian Gazette for February 26 2003 includes updates related to information technology and can be found here. 

In Ontario the  Financial Services Commission of Ontario which reports to the  Ministry of Finance regulates the mortgage industry provincially.   Organizations which are not covered by federal regulation are monitored by the Superintendent of Financial Services.  This includes mortgage brokerage firms and mortgage brokers and agents.  They enforce the Mortgage Broker's Act and the Mortgages Act and their associated regulations.

The Mortgage Broker's Regulation lays out guidelines for mandatory file-keeping including the types of information which must be in a file and how long that file must be kept.

 

Home References

The "Technologies for the Mortgage Industry" site was created by Adriana Ieraci, a graduate student at the University of Toronto (Canada).  This site was developed for a graduate course - JCI1503 - Advanced Topics in Computing and Information Systems - as a term project requirement.  Much of the content material and web links presented on this website have been collected from existing sources.  You should not assume that any of this is error-free or that it will be suitable for any particular purpose you may have in mind when using it.  The site is meant to be solely a project in an educational context - and has no other purpose.  The author,  the University of Toronto or any of its divisions, including the course instructors, unequivocally declare that they do not endorse any of the companies or products mentioned or statements made in or referenced on this site.

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