FSRA warns consumers about unlicensed operator Vip Sris offering mortgage brokering services in Ontario

TORONTO, May 2, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers that Vip Sris is not licensed to conduct mortgage business in Ontario.

It has been reported that an unlicensed operator going by the name Vip Sris, which is presumed to be fake, is conducting mortgage business with an invalid mortgage license M19005689 and issuing fake pre-approval letters to new home buyers. Buyers are presenting these fake pre-approval letters to builders as proof that they are able to secure the financing needed to buy the property.

FSRA encourages consumers to exercise caution if they are contacted by Vip Sris or anyone claiming to be acting on their behalf. Consumers are also advised not to obtain mortgages arranged through Vip Sris.

FSRA licenses mortgage brokerages, brokers, and agents to safeguard public confidence and trust in Ontario's financial services. If consumers obtain a mortgage through certain individuals or companies not licensed by FSRA, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations that govern Ontario's licensed mortgage brokerages, brokers and agents.

Although the name Vip Sris may be similar to a valid licensee, the above-mentioned individual is not registered or affiliated with FSRA.

Consumers are encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage, or administrator.

Certain financial institutions and their mortgage professionals, such as banks, may be exempt from obtaining a mortgage broker or agent licence.

Learn more

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. 

Learn more at www.fsrao.ca.

SOURCE Financial Services Regulatory Authority of Ontario

For public inquiries, please email [email protected]; For media inquiries: Russ Courtney, Senior Media Relations and Digital Officer, Financial Services Regulatory Authority, C: 437-225-8551, Email: [email protected]