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CA FSCO warns of unlicensed mortgage broker

Property Here - Tuesday, October 15, 2013

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The Financial Services Commission of Ontario (FSCO) recently warned consumers that Gabriel Nussbaum and Mortgage Investment Group are not licensed to do mortgage brokering business in Ontario.
FSCO says that on its website, www.mortgageig.ca, Mortgage Investment Group claims to arrange mortgages and promises a high return on investment. The website now appears to have been removed. It also listed a phone number at 905-469-8278, FSCO says.
“Consumers should exercise caution if they are contacted by anyone matching this description,” says FSCO. “If consumers arrange a mortgage from a mortgage brokerage, broker or agent that is not licensed in the province, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006, which holds Ontario’s mortgage brokerages, administrators, brokers and agents to specific standards,” says FSCO.