Important Note: ALL mortgage brokerages are required to complete and submit the quarterly 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 of October 1 to December 31, 2021.
The deadline to submit your report is January 17, 2022.
Questions on NQSMI transactions completed on and after July 1, 2021, will not be incorporated in the 2021 Annual Information Return.
The reporting form is available via Licensing Link and the report is required to be submitted by January 17, 2022. Only mortgage brokerages dealing and/or trading in NQSMIs with Permitted Client investors/lenders and/or either Permitted Clients or non-Permitted Client Borrowers are required to complete an expanded version of the report. Mortgage brokerages who did not deal or trade in NQSMIs during the reporting period will also have to complete the report, and can attest to this on the second question of 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 January 17, 2022, 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.