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BC Financial Services Authority has issued the maximum applicable penalty of $50,000 and suspended the registration of mortgage broker, Hou Yin (Jeffrey) Ho after he agreed to several findings made against him by BCFSA.
BCFSA found, and Ho agreed, that he conducted business in a manner contrary to the public interest when he:
- Failed to disclose in certain mortgage applications submitted to lenders that his borrower clients were seeking concurrent mortgage financing for the potential purchase of other properties;
- Submitted certain mortgage applications to lenders on behalf of the borrowers, stating that the properties were owner occupied when he ought to have known that they would be converted into rental properties if the purchase of another property completed; and
- Did not exercise proper due diligence over his registered assistant who prepared and submitted concurrent and misleading mortgage applications to different lenders on behalf of a single borrower, and some of the applications included false residential agreements.
BCFSA reminds all mortgage brokers that they have a duty to ensure that any information being sent to a lender is verified. Brokers will be held accountable for errors or omissions they ought to have verified by conducting due diligence of the mortgage applications submitted under their name.
In addition to the penalty and a three-month suspension, Ho must pay partial investigation costs in the amount of $5,000.