FSRA revokes the licence of Mortgage Smart Inc. and imposes administrative penalties against Ranjit Dhillon and Kamal Dhillon

TORONTO, April 9, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has revoked the mortgage brokerage licence of Mortgage Smart Inc. (Mortgage Smart) and imposed two administrative penalties in the total amount of $10,000 against Kamal Dhillon and two administrative penalties in the total amount of $40,000 against Ranjit Dhillon.

Mortgage Smart is no longer suitable to be licenced under the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the Act), and its regulations because Mortgage Smart:

• Failed to take reasonable steps to ensure that six mortgages presented to borrowers were suitable, contrary to s. 24(1) of Ontario Regulation 188/08;
• Failed to adequately disclose, in writing, all material risks and conflicts of interests associated with six mortgages, contrary to s. 25(1) and s. 27(1) of Ontario Regulation 188/08 respectively;
• Provided false or misleading information in application forms relating to five mortgages, contrary to s. 43(1) of the Act;
• Provided false information to FSRA, contrary to s. 45(2) of the Act;
• Failed to address complaints submitted by four borrowers, as required by s. 9(1) of Ontario Regulation 188/08; and
• Failed to retain records connected to mortgages, as required by s. 48(1) of Ontario Regulation 188/08.

Ranjit Dhillon failed to take reasonable steps to ensure the suitability of three mortgages he arranged and failed to adequately disclose material risk and conflicts of interest respect of those mortgages, causing Mortgage Smart to contravene Ontario Regulation 188/08 and contrary to Ranjit Dhillon's obligations under s. 3 of Ontario Regulation 187/08. Ranjit Dhillon also submitted two mortgage application forms which included inaccurate information, contrary to s. 43(2) of the Act.

Kamal Dhillon, as the principal broker of Mortgage Smart, failed to ensure that Mortgage Smart's agents complied with the Act and its regulations, contrary to s. 2(1) of Ontario Regulation 410/07, and failed to review and ensure that Mortgage Smart had adequate policies and procedures dealing with the maintenance and retention of records and identification of conflicts of interest, contrary to s. 3(1)(a) of Ontario Regulation 410/07.

FSRA issued these orders as a result of settlements with Mortgage Smart, Ranjit Dhillon, and Kamal Dhillon.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario