Legal Alerts

Further Changes for CMHC-Insured Mortgages

On January 17, 2011, the federal government announced additional changes to CMHC-insured mortgages, in addition to those that were introduced in 2010. The changes include measures designed to:

The new changes will come into force on April 18, 2011.

FSCO Changes on Electronic Service and Delivery

The Superintendent of the Financial Services Commission of Ontario (FSCO) has announced the intent to publish a new Electronic Service and Delivery and Filing Rule and a new Mandatory Electronic Filings Rule, both of which will apply to the mortgage brokering industry in 2011.

The Electronic Service and Delivery and Filing Rule formalizes the Superintendent’s current practice, which is to serve or deliver notices, statements and other records to mortgage brokers electronically, i.e. by way of e-mail.

The Mandatory Electronic Filings Rule replaces the existing Superintendent's Rule – E-filing a Mortgage Brokerage or Administrator Annual Information Return, and requires certain information to be filed by brokers electronically.  However, despite the new rule the e-filing of the Annual Information Return submitted by brokers will remain optional.