Mortgage Intelligence's consultants now fully compliant with Ontario's new Mortgage Brokerages, Lenders and Administrators Act, 2006 -

June 30, 2008, Toronto, ON - Mortgage Intelligence is pleased to announce that as of June 15, 2008 the organization and its network of 397 independent consultants in Ontario are fully compliant with the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), which comes into effect on July 1, 2008.

"Our achievement of early compliance truly demonstrates Mortgage Intelligence's commitment to set the standard for best practices within the Canadian mortgage brokerage industry," said Mark Moreau, President of Mortgage Intelligence. "We continue to equip our consultants with best-in-breed compliance tools and processes so they can remain focused on their top priorities - their clients."

The new act, which replaces the current Mortgage Brokers Act, will improve consumer protection through new licensing and supervision requirements for mortgage brokers and agents. The four types of licences being issued by the Financial Services Commission of Ontario (FSCO) under the new act include:

• Mortgage Brokerage licence - a corporation, partnership or sole proprietorship that has a Mortgage Brokerage licence, allowing it to carry on the business of dealing and trading in mortgages in the province of Ontario.

• Mortgage Broker licence - a person who deals or trades in mortgages for a Mortgage Brokerage.

• Mortgage Agent licence - a person who deals or trades in mortgages for a Mortgage Brokerage, under the supervision of a licensed Mortgage Broker.

• Mortgage Administrator licence - an organization that receives mortgage payments from borrowers and sends them to investors.

Over the past several months, Mortgage Intelligence worked closely with FSCO and the Canadian Association of Accredited Mortgage Professionals (CAAMP) to execute a comprehensive education and licencing program to enable Mortgage Intelligence consultants in Ontario to obtain the appropriate Mortgage Broker or Mortgage Agent licenses prior to the July 1, 2008 deadline.

For more information on this and other Industry News: www.FreeMortgageReports.ca

David Yeoman, AMP
Mortgage Broker, Accredited Mortgage Professional
www.OntarioMortgageTeam.com/yeoman.aspx