Important Note: ALL mortgage brokerages are required to complete and submit the NQSMI Reporting Form to the Financial Services Regulatory Authority of Ontario (FSRA), whether or not they dealt in non-qualified syndicated mortgage investment (NQSMI) transactions with Permitted Clients during the reporting period.
We thank those who have already submitted the NQSMI Reporting Form. FSRA outlined this requirement in its Approach Guidance for supervising NQSMIs that came into effect July 1, 2021.
As this is the first filing requirement of a new report, FSRA has extended the deadline for mortgage brokerages who have not yet filed to do so before October 29, 2021.
This form is available via Licensing Link. Only mortgage brokerages dealing and/or trading in NQSMIs with Permitted Client investors / lenders must complete an expanded version of the report. Mortgage brokerages who did not deal in NQSMIs during the reporting period can attest to this on the second question on the form and move directly to the closing questions and attestation. This entire process will take less than 10 minutes to complete.
Mortgage brokerages that fail to file the NQSMI Quarterly Reporting Form by this new due date may be subject to administrative penalties or other regulatory enforcement action. To share feedback about questions in the form, you may provide your comments in the Closing Questions section or email MBConduct@fsrao.ca. FSRA will review and consider your feedback.
FSRA will use the data collected to appropriately target supervision of higher-risk brokerages and administrators. The collected data will also give FSRA a better understanding of the size of the market and support a risk-based approach to monitoring the sector and its trends.