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THE MAGAZINE FOR PROFESSIONAL MORTGAGE BROKERS

THE VIEW FROM ACROSS CANADA Meet the CMBA National board p.10

YOUR DIGITAL TOOLBOX

Using AI to help grow your business p.18

CYBERSECURITY’S NEW REALITY

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Are you sufficiently protected? p.22

THE INFORMATION PARADOX Why better data is making great mortgage brokers even more valuable p.28

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VOLUME 11 ISSUE 3 SUMMER 2026

DEVELOPING YOUR DIGITAL TOOLBOX Consumers, lenders and partners in the mortgage industry are using AI. What about you? BY LISA GORDON

features

departments

10 THE VIEW FROM ACROSS CANADA

CMBA National’s president shares his perspective on the industry’s biggest challenges and the opportunities ahead BY SAMANTHA ASHENHURST

22 CYBERSECURITY’S NEW REALITY

As AI reshapes the digital landscape, mortgage brokers cannot afford to treat cybersecurity as an afterthought BY SAMANTHA ASHENHURST

28 THE INFORMATION PARADOX

Why better data is making great mortgage brokers even more valuable BY JEFF TISDALE

32 BEYOND THE RATE

What can CMHC’s Mortgage Consumer Survey results tell us about today’s Canadian homebuyers? BY BERNADETTE LAGRITO

36 OPEN BANKING MILESTONE

Draft consumer-driven banking regulations released BY KOKER CHRISTENSEN, CAITLIN SABETTI AND ISABELLE SAVOIE

40 WHEN THE BORROWER FAILS

What happens when a licensed insolvency trustee reads your file

Editorial

46 Advertisers’ Index

columns 14 Industry Profile: Sabeena Bubber has built a career centred on relationships & community impact BY SAMANTHA ASHENHURST

26 Off-the-Clock: Tina Trama-Mayol shows how giving back can inspire an entire community BY SAMANTHA ASHENHURST

BY PAUL FRANCHI, JD MBA CIRP LIT

44 NO PAPER, NO PROBLEM?

Oral trusts and informal property arrangements in Ontario BY DANIEL KUHNREICH AND MATTHEW GAROFALO

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VOLUME 11 ISSUE 3 SUMMER 2026

RESIDENTIAL

THE CANADIAN MORTGAGE BROKERS ASSOCIATION EXECUTIVE DIRECTOR

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editorial

THE BROKER

ADVANTAGE Why interpersonal skills matter more than ever in the brokering business

BY CARLA GILES, MBA, CAE, CEO OF CMBA-BC, MBIBC, EXECUTIVE DIRECTOR, CMBA NATIONAL he mortgage profession is evolving at an unprecedented pace. Artificial intelligence, digital applications, automated underwriting, advanced analytics and increasingly sophisticated customer relationship management tools are transforming how mortgage brokers serve their clients. These innovations are streamlining processes, improving efficiency and creating opportunities to deliver faster, more informed advice. Technology will undoubtedly continue to shape the future of mortgage brokering. Yet, as our industry embraces digital transformation, one reality remains unchanged: mortgage brokering is, and always will be, a relationship business. While clients expect efficiency from technology, they continue to seek confidence, trust and understanding from the professionals who guide them through one of the most significant financial decisions of their lives. As regulated professionals, mortgage brokers do far more than arrange financing. They help Canadians navigate periods of uncertainty, evaluate complex options and make informed decisions that often have lasting financial and personal consequences. Technical expertise remains fundamental to this role, but expertise alone is no longer enough. Today’s clients are looking for professionals who not only understand mortgage products and lending policies, but who also understand them.

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Every client brings a unique set of circumstances to the conversation. A first-time homebuyer, for example, may be excited but overwhelmed. A family renewing their mortgage may be concerned about higher monthly payments. A self-employed entrepreneur may feel frustrated by documentation requirements, while someone navigating divorce, the loss of a loved one or an unexpected life event may be carrying emotional pressures that extend far beyond the mortgage itself. Although these conversations often begin with numbers, they are rarely just about numbers. One of the most valuable skills a mortgage broker can develop is the ability to understand what is driving a client’s decisions. People respond to uncertainty in different ways. Some want detailed information before making a decision, while others seek reassurance and confidence that they are making the right choice. Some focus on minimizing risk; others prioritize opportunity and flexibility. Recognizing these differences allows brokers to tailor their communication, build stronger relationships and create a more positive client experience. Trust is not established simply by demonstrating knowledge; it is built when clients feel heard, understood and supported throughout the process. These skills rarely develop in isolation. Indeed, they are strengthened and refined through experience, mentorship and a willingness to learn from others.

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The greatest value mortgage brokers provide, however, extends well beyond information. It lies in their ability to recognize hesitation in a client’s voice, understand the emotions behind a difficult financial decision or build confidence through empathy and trust. Some of the most valuable lessons in mortgage brokering are shared through conversations with experienced colleagues, participation in industry conferences, educational programs and professional association events. These opportunities not only expose brokers to evolving market knowledge and best practices but also provide valuable insight into how successful professionals communicate, build relationships, solve complex challenges and earn the trust of their clients. They also provide something equally important in today’s demanding environment: an opportunity to step away from day-to-day pressures, recharge and return with fresh ideas and renewed perspective. As technology becomes increasingly accessible, technical knowledge alone will become less of a differentiator. Information is readily available. Mortgage products can be compared instantly. Artificial intelligence can summarize lending policies, analyze market trends and generate mortgage scenarios in seconds. These tools should be embraced because they allow brokers to work more efficiently and dedicate more time to serving their clients. The greatest value mortgage brokers provide, however, extends well beyond information. It lies in their ability to recognize hesitation in a client’s voice, understand the emotions behind a difficult financial decision or build confidence through empathy and trust. These are distinctly human capabilities, and they remain at the heart of exceptional client service. This presents an important opportunity for our profession. Rather than viewing technology as a replacement for human interaction, mortgage brokers can embrace it as a tool that enhances the client experience while allowing them to focus on the conversations that matter most. By automating routine tasks, brokers can spend more time educating clients, addressing concerns, collaborating with industry partners

and building long-term relationships founded on trust. The future of mortgage brokering will require both technical excellence and interpersonal excellence. Success will increasingly depend not only on understanding lending guidelines and market conditions, but also on communicating with empathy, adapting to individual client needs, exercising sound judgment and providing confidence during times of uncertainty. The future will also belong to professionals who embrace continuous learning. Staying current with market developments, investing in education, participating in industry events and engaging with fellow brokers are no longer optional — they are essential to delivering exceptional client service. Every conversation with a colleague, every conference session and every opportunity to learn from experienced professionals strengthens not only individual brokers, but the profession as a whole. Mortgage broker associations play an important role in fostering this culture of learning and collaboration. They create opportunities for brokers to learn from one another, exchange ideas, build meaningful relationships and collectively advance the profession. In an industry that continues to evolve, these connections become just as valuable as technical knowledge. As our profession continues to embrace innovation, we must also continue to invest in the skills that technology cannot replace. By combining technical expertise with emotional intelligence, a commitment to lifelong learning and a genuine desire to understand and serve our clients, mortgage brokers will continue to distinguish themselves as trusted advisors. Technology will continue to change how we work. It is our ability to build trust, strengthen relationships and help Canadians make confident financial decisions that will define the future of our profession.

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CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 9

outlook

THE VIEW FROM ACROSS CANADA As CMBA National expands its advocacy efforts in the nation’s capital, president John Woods shares his perspective on the industry’s biggest challenges and the opportunities ahead BY SAMANTHA ASHENHURST

For Canada’s mortgage brokers, uncertainty has become part of the job description. Economic headwinds continue to influence consumer confidence, housing activity remains uneven across the country and, increasingly, technological change is reshaping how brokers do business. Against that backdrop, advocacy has become a growing priority for the Canadian Mortgage Brokers Association National (CMBA National), says president John Woods. Over the past year, the association has focused much of its energy on strengthening its presence at the federal level — work Woods believes is beginning to gain momentum. “What we’ve been working on most actively is government interaction at the federal level, and we’ve been highly successful there,” he tells Canadian Mortgage Broker. A significant milestone has been the association’s partnership with Impact Public Affairs, which is helping guide CMBA National’s government relations strategy in Ottawa. The collaboration has already resulted in the association submitting recommendations as part of the federal pre-budget consultation process and will culminate in CMBA

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National’s first-ever official Lobby Day in Ottawa this October. “That’s been our main work this year, and it’s producing some fruit,” Woods says. The increased advocacy comes at a time when brokers are navigating an environment that remains difficult to predict. “The main issues we’re seeing in the industry are economic uncertainty,” Woods says. “It’s affecting all the markets that we work in, and there’s not much we can do about it.” Unlike many businesses that can pivot to new markets or customers, mortgage brokers remain closely tied to the confidence of Canadian homebuyers. “Our clients are experiencing the same uncertainty that mortgage brokers are,” Woods says. “That makes it a difficult time.” At the same time, Woods believes one of the biggest changes facing the profession isn’t economic at all: it’s technological. Artificial intelligence is rapidly becoming part of every-day business

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outlook

operations, but brokers must balance efficiency with evolving regulatory requirements. How that unfolds, he says, will vary across the country. In Woods’ home province of British Columbia, for example, brokers are preparing for the implementation of the Mortgage Services Act, requiring many to rethink established workflows, disclosure processes and documentation. “Brokers are having to take a look at how they do business,” he says. “How do they integrate AI into their process, and how does that fit within the regulatory environment?” While many brokers may expect regulatory changes to be relatively minor, Woods cautions against underestimating their impact. “My fear is that there might be a lot of brokers across the country who, when they’re looking at change, are thinking that things aren’t going to be that different, when things are actually going to change significantly.” As the industry evolves, Woods says advocacy, education and preparation will remain central to CMBA National’s work. For brokers entering the profession, however, his advice extends beyond building a client base. Indeed, when asked what advice he’d offer a new broker entering the profession, Woods pointed to a lesson reinforced by a cybersecurity webinar he had attended just before our interview. In an industry built on trust, he says protecting client information should be every bit as important as securing the next mortgage approval. “New brokers are often so intent on developing their business and making sales that it can be easy to overlook the obvious, which is protecting clients,” Woods says. “Cybersecurity should definitely be a starting point.”

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MEET THE NATIONAL BOARD Editor’s note: At time of publication, CMBA National is confirming representatives from l’Association des courtiers hypothécaires du Québec (ACHQ) (CMBA Québec).

JOHN WOODS President / CMBA-BC Representative Born and raised in Vancouver, John Woods spent more than 20 years working in the arts, theatre and opera. In 1990, he moved to Gabriola Island, a small gulf island off Vancouver Island, where he began his career as a realtor, working at both RE/MAX and Coldwell Banker in Nanaimo. In 2002, Woods became a mortgage broker, taking a position with Essex & Kent before branching out on his own in 2008. Today, he is part-owner of Fitzwilliam Mortgage Corporation, a Mortgage Centre Canada franchise based in Nanaimo and associated with Mortgage West. Woods has been a member of MBABC (now CMBA-BC) for nearly 25 years, joining the association the day he became a licensed broker. In 2020, he was honoured with the CMBA-BC Individual Partner Award. Woods is an advocate for the right to housing regardless of an individual’s circumstances. He was on the founding board of Habitat Nanaimo and currently sits on the Gabriola Island Trust Housing Advisory Planning Committee.

JESSICA RICKERBY Vice-President / CMBA Ontario Representative Jessica Rickerby, vice-president of operations and managing partner at Martel Mortgages in Brockville, Ont., entered the industry in 2007 as an administrator before obtaining her license in 2012. Rickerby, who has co-owned her brokerage since 2013, provides education and training across brokerages, speaks at industry events and serves on the board for CMBA Ontario. Recognized for community involvement and philanthropy, she champions Canadian mortgage professionals and homeowners. She is a proud two-time recipient of CMP’s Women of Influence in the Mortgage Industry Award. JIM DECOSTE Treasurer / CMBA Atlantic Representative Based in New Glasgow, N.S., Jim DeCoste is owner and principal broker of Dominion Lending Centres Maritime Mortgage Group, a 14-broker team that extends into New Brunswick and Prince Edward Island. DeCoste, who is president of CMBA Atlantic, supports serving the regional association by building upon its three-pillar foundation of providing brokers with educational and professional development opportunities; maintaining communication with regulators through government relations and advocacy; and raising public

awareness of the importance of mortgage brokers and the mortgage industry to mortgage consumers. His advice for brokers is to learn as much as they can about the products available, take the time to understand the different lender guidelines and stay current on government regulations. REBECCA CASEY CMBA-BC Representative With a deep-rooted passion for helping individuals and families achieve their homeownership dreams, Rebecca Casey, past-president of CMBA-BC, has spent nearly a decade as a dedicated mortgage broker. Her commitment to providing personalized, attentive service has earned her a reputation for excellence and trustworthiness in the industry. With a strong background in legal services and real estate, Casey offers tailored mortgage solutions to meet the specific needs of clients, whether they are firsttime homebuyers, seasoned investors or individuals looking to refinance.

MICHELLE CAMPBELL CMBA Ontario Representative Michelle Campbell is a mortgage broker with more than 25 years of experience shaping the mortgage industry through collaboration, education and advocacy. She is honoured to be a recipient of the Global 100 list, celebrating her impact on an international stage. Campbell serves as president and chair of CMBA Ontario, is an active member of the FSRA Stakeholder Committee and chairs the board of the Mortgage Awards of Excellence. A six-time Woman of Influence, she is deeply passionate about mentoring students and empowering the next generation of industry professionals. This commitment reflects her enduring leadership and dedication to advancing the industry she loves. LESLEY STEVENS CMBA Atlantic Representative Lesley Stevens, associate mortgage broker at Mortgage Alliance, currently serves on the boards of both CMBA Atlantic and the Maritime Housing Society, a nonprofit organization working to create more financially attainable homeownership options in the region. For Stevens, a mortgage isn’t just about buying a home: it’s about long-term financial security. She believes mortgages are a strategic asset that can support homeownership, build wealth, prepare for retirement and allow people to age in place comfortably. Her mission is to ensure every mortgage works hard for her clients.

Born in Oakville, Ont., and raised in Port Medway, N.S., Stevens splits her time between the Halifax area and her hometown on Nova Scotia’s South Shore. A mother of two young adults, she’s happiest when she’s outdoors or on the water — a passion rooted in her seafaring ancestry. CARLA GILES Executive Director Carla Giles, MBA, CAE, MA, serves as CEO of both CMBA-BC and the Mortgage Brokers Institute of BC (MBIBC). A member of the sector since early 2022, Giles is dedicated to elevating the visibility and influence of mortgage professionals at national and international levels. She sits on the board of governors of the International Mortgage Broker Federation (IMBF), where she contributes to conversations on innovation, regulatory changes and professional excellence. An advocate for fair and effective regulation, Giles actively engages with policymakers to address industry challenges and support policies that enhance mortgage professionals’ ability to serve Canadians. Her leadership ensures that mortgage brokers remain at the forefront of industry advancements and are equipped to navigate an evolving regulatory landscape.

CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 13

industry profile

North Vancouver-based broker Sabeena Bubber has built a career centred on relationships, community impact and helping clients navigate life’s most complex transitions – both inside and outside the mortgage process BY SAMANTHA ASHENHURST

MAKING A DIFFERENCE For Sabeena Bubber, success in the mortgage industry has never been defined solely by volume, awards or rankings. While she has achieved all of those things — including being named Broker of the Year at the Canadian Mortgage Awards in 2025 and, most recently, the Regional Broker/Agent of the Year (Western Canada) at the 2026 Mortgage Awards of Excellence — her career has been driven by something more personal: making a meaningful impact in people’s lives. “I love the relationships,” Bubber tells Canadian Mortgage Broker. “At the end of the day, it’s about helping people and knowing you’ve made a difference.” LEARNING THE FOUNDATIONS Bubber’s professional career began when she landed a position with a mortgage finance company shortly after graduating from university in 1994. For five years, she worked in loans and mortgages, learning the ins and outs of credit, budgeting and debt management. “I learned so much about finance in those years,” she says. More than that, Bubber became well versed in management, selling and, importantly, understanding clients’ finances.

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“

Your life really can’t just be about one thing. When you set your goals, it shouldn’t just be about the numbers you want to achieve: It should be about the experiences that you create on the other side of that.

“Because the company was selling at higher rates, we were seeing a lot of people that were struggling financially,” she says. “And we had to collect on anything we lent out — even if somebody missed a payment or went into default, we had to collect until the very end. It taught me a different level of finance, and what I liked and didn’t like about the industry.” Shifting gears, Bubber moved into underwriting for a private lender in downtown Vancouver. It was there that a broker offered a piece of advice that would change the course of her career. “One of the brokers I worked with said to me, ‘You’re on the wrong side of the desk,’” she recalls. “He said, ‘You’re working way too hard and way too many hours. If you’re doing that, you should be brokering.’” Intrigued, Bubber explored her options. In 2001, she joined a major Canadian bank as a mortgage specialist. The move offered stability while she completed her mortgage broker licensing requirements. The decision was a good one: Within her first two years, Bubber became one of the top-performing mortgage specialists in British Columbia.

CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 15

industry profile

Despite her success, she was frustrated at being restricted to the bank’s mortgage products. “I wanted to do more that was aligned with what I thought was in the best interest of the borrower and not the best interest of the banks,” she says. “So, shortly after I had a baby in 2003, I left the bank and became a broker.” The transition wasn’t without challenges, but Bubber successfully built her business and eventually opened her own brokerage in 2007. For many years, she balanced the responsibilities of both brokering and brokerage ownership. Over time, however, Bubber realized management wasn’t her true path. “As the industry changed,” she says, “I had to make a choice as to what my passion was: Was it brokering or was it looking after other brokers?” “For me, it was being a broker.” That decision led her to join Xeva Mortgage in 2013 as one of the company’s founding brokers. The move allowed her to focus exclusively on serving clients while leveraging the support infrastructure the brokerage was building. “It gave me the opportunity to do what I love,” Bubber says. “The underwriting centre and support systems allowed me to grow my business in a way I hadn’t been able to before.” TURNING TRAGEDY INTO PURPOSE One of the most defining chapters of Bubber’s career began outside of mortgages altogether. In 2016, a close friend experienced an unimaginable tragedy when her young daughter and the child’s father were killed in a boating accident. Wanting to help, Bubber created a GoFundMe campaign to assist with expenses. Within two weeks, the fundraiser generated approximately $30,000. What stood out most was that roughly $7,000 came from mortgage professionals across Canada — many of whom had never met her friend. “It blew my mind,” Bubber says. “People were willing to help someone they didn’t even know.” Inspired by that generosity, Bubber partnered with industry colleague Jackson Middleton to create Brokers Who Care, a charitable initiative that mobilizes mortgage professionals to support families facing unexpected hardship. “Now, a decade later, Brokers Who Care has done over $500,000 in contributions to families across Canada,” Bubber says. “It’s unbelievable.”

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‘DOING DIVORCE BETTER’ Another initiative grew out of Bubber’s own personal experience. After going through a divorce over a decade ago, she became acutely aware of how difficult it was to find reliable information about the legal, financial and emotional aspects of separation. “When I was going through the process, I got so much advice from so many different people,” Bubber says. “Unfortunately, a lot of that advice was not that great.” Like many people navigating divorce, she initially assumed court was her only option. As she learned more about mediation, collaborative processes, separation agreements and financial planning, Bubber began to see how much information was missing from the public conversation. “Throughout my own process, I learned so much” she says. “I realized there should be a place where people could come to find all that information.” Bubber’s personal experience inspired her to launch The Divorce Circle Podcast,

In 2016, Bubber founded Brokers Who Care, a charitable initiative that mobilizes mortgage professionals to support families facing unexpected hardship. Since its inception, the organization has done more than $500,000 in contributions to families across Canada.

an educational platform designed to help individuals make better-informed decisions during separation. The initiative brings together lawyers, mediators, financial experts, mortgage professionals and many other specialists from across Canada to provide practical guidance on issues ranging from property division and spousal buy-outs to parenting arrangements and legal processes. “It’s like a one-stop place for reliable information on a bunch of topics,” Bubber says. “I bring in legal and financial experts to share their knowledge, and I’m there to provide my expertise on mortgages, too.” One area where Bubber sees persistent confusion is the intersection of separation and homeownership. “A lot of people don’t realize that selling the house is usually the last thing you should do,” she says. “People often want that done first because they don’t want to be living together anymore, but, if they don’t have a separation agreement in place, they won’t be able to buy. Suddenly they

find themselves renting, which can lead to multiple moves and be disruptive, especially for families.” Conversations like these have reinforced for Bubber just how significant the information gap can be for people navigating separation. In the years since its launch, The Divorce Circle has evolved into a content hub, featuring educational interviews, practical workbooks and expert podcast sessions. “Between Instagram and YouTube, we get about 20,000 views on our shorts monthly,” Bubber says. “Our goal is to provide resources people can access privately and on demand that can really help them do divorce better.”

“There’s so much more than the interest rate,” she says. “We’re so lucky because, when we do an application, we see every piece of a client’s file: Their assets, their debts, their insurance coverage — everything.” This visibility, she continues, allows brokers to connect clients with financial planners, insurance professionals and other advisors who can help them build long-term wealth. “We’re really in a position where we can think outside the box and give clients the advice they need to build better finances,” Bubber says. “It’s about helping people to create wealth by being surrounded by the right people, and I’m just one component of that.”

BEYOND THE MORTGAGE For Bubber, a mortgage has never been solely about securing a competitive rate. Instead, she sees the mortgage process as an opportunity to gain a more complete understanding of a client's financial picture and connect them with the right resources to achieve their long-term goals.

A BROADER DEFINITION OF SUCCESS In recent years, Bubber’s perspective on success has been shaped by personal challenges as well. After receiving a breast cancer diagnosis in 2022, she became an even stronger advocate for financial preparedness, including adequate insurance coverage for self-employed professionals.

The experience reinforced a lesson she frequently shares with other brokers. “We spend our careers giving financial advice to clients,” Bubber says. “We need to make sure we’re taking that same advice ourselves.” Looking back, she also wishes she had learned earlier that success doesn’t require sacrificing everything else. “In the early days, I was a relentless workaholic,” Bubber says. “If I could speak to my younger self, I would tell her to get out of that mindset. There’s so much more to life.” Today, she encourages brokers to pursue balance across all aspects of life — from family and health to finances, spirituality and personal fulfillment. “Don’t put off the things you really want to do and say, ‘That’ll be someday,” Bubber says. “Your life really can’t just be about one thing. When you set your goals, it shouldn’t just be about the numbers you want to achieve: It should be about the experiences that you create on the other side of that.”

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CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 17

technology

Consumers, lenders and partners in the mortgage industry are using AI. What about you?

DEVELOPING YOUR DIGITAL BY LISA GORDON

Artificial intelligence (AI) powers many of our daily electronic devices and applications, whether we are aware of it or not. Widely recognized as one of the fastest-growing industries in the world, AI is being integrated into many aspects of business performance and personal communication. Spellcheck, for example, has evolved from a simple digital dictionary into an AI-powered tool that learns writing styles and predicts words during sentence formation. “AI is not just coming; it’s here,” says Renee Stribbell, business coach, mortgage broker and owner of Cutting Edge Lending in Alberta. Stribbell believes that fear of the unknown is the main reason brokers may resist incorporating AI into their business strategy. “Change can be frightening and overwhelming,” she says. “I was terrified at the start.”

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Ultimately, Stribbell not only began to research AI and how it could help her business, but has since fully embraced its potential. “You can stay doing what you are doing and be fine, but the industry is moving,” she explains. “Consumers are using it, lenders are using it and your partners in the industry are moving forward with it.”

The succession from Brenda Colman to son Travis has evolved naturally since he joined the business. Brenda is optimistic Travis will take the helm of the brokerage within the next year or two.

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technology

Today, Stribbell works with a few AI-driven apps to help streamline her business activities. She shared a brief description of her favourites with Canadian Mortgage Broker. AI FOR MANY USES For social media content, Stribbell and her team frequently use Sasca.ai, which she describes as an AI assistant that helps create, plan and strategize social content. “Basically, it’s like marketing on overdrive,” she says. “It’s awesome! It helps you build your brand and marketing strategy.” Another game changer has been RingCentral. “We use it for our VoIP phone system,” Stribbell says, adding that she feels it’s important for a business to have a centralized phone system. The program can track phone calls and text messages, but with AI built into the platform, it can do much more. “You can record a phone call with a client and it will create an AI summary with notes that you can copy and paste into your CRM [Customer Relations Management].” Stribbell has another AI-fuelled, post-client conversation suggestion: Immediately after a call ends, put the summary information into Claude and ask it to create an email for your client, as well as action steps for your team. This can be done within 15 minutes after hanging up. “You don’t lose leads — you’re taking care of your clients, and there will be no misunderstandings,” she says. “You can download Claude Cowork to your desktop and it will help manage your emails. It’s also a time-management tool.” Continuing with time management and increased efficiency, Stribbell also praises Fyxer AI and Motion. “I am seeing brokers adopting AI a bit more in time management because it can help plan their day.” Lovable is another one of her favourites. This is an app tool with development features for websites, slide decks and apps. “My website was completely developed on Lovable using AI and it only took me two days to build,” Stribbell says. “The sky is the limit. We are currently working on a client-facing app.” A great feature of AI, she says, is that it’s hard to ruin a project when using it. “You can play on the back end, but nothing actually happens until you instruct it to do so,” she explains, Stribbell calls Claude and ChatGPT her ‘best friends.’ This is where most brokers experiment with AI and they are both tools that a brokerage should have, she says. “I use them quite extensively. The call recording email summary and task summary feature is so phenomenal. It streamlines everything,” Stribbell says, adding that those with teams and assistants truly benefit from that feature, since it clarifies communication. Delving into a specialized platform built for document review and fulfillment, she mentions Dealflow AI. “Purelend helps with document review, especially the downpayment,” Stribbell explains, adding that it offers more time-saving features that review, sort and label documents and create submission packages for lenders.

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What we do as a broker — the personal connection, the assisting clients — hasn’t changed, but the technology has. I don’t think we have a choice but to embrace, learn and move with it. There are AI tools to help grow your business, and I would rather be at the forefront, so that as it evolves, I am not overwhelmed. Renee Stribbell

“It’s a huge timesaver,” she says. “Multiple CRMs have AI built into them to help create the client journey as well as create emails and tasks.” Stribbell says database mining using AI-driven tools is also on the rise, mentioning both Ownwell and Property Fox. “I can see that trend building as well, as these are ones that help mine your database to find opportunities.” According to Google Gemini, Property Fox explicitly looks for clients who would benefit right now from breaking a term early, switching lenders or refinancing. Ownwell software acts more as a traditional client-facing retention system. Through her investigation of AI tools and applications, Stribbell realized the mortgage industry did not have a dedicated recruitment platform. So, she created one: Alignra is an AI-powered intelligent hiring and connection platform designed to help mortgage brokers find the right people and filter through them more effectively. “It’s not just connecting brokers with staff: there is a coaching tool built in and that is where we connected AI to it,” Stribbell explains. An employer can get started by answering a series of AI-driven questions that incorporates her coaching. “It only takes 15 minutes and the program creates a phenomenal hiring package with coaching tools to help ensure the right candidate is hired.” CHOOSE YOUR TOOLS WISELY AI can do wonders when it comes to filling workplace productivity gaps, Stribbell says. Applications assist with multiple tasks, including time management, email creation, marketing, website design, CRM, database mining and even a centralized phone system. However, she cautions that mortgage brokers should master one application before implementing others.

“The biggest challenge is being overwhelmed,” she says. Additionally, due to the sensitivity of information that brokers handle, it’s important to find a trustworthy platform. “Be sure to research the security of the platform data and that it gives accurate information,” Stribbell advises. “Take the time to learn it — train and teach it to make it yours, otherwise you can spend too much time learning too many tools and not enough time using them.” Stribbell also warns against getting caught up in ‘shiny-tool syndrome,’ where people keep adding the latest AI available without first analyzing whether they need it. As well: “Beware of the cost,” she notes. “You can spend so much money on subscriptions.” While a mortgage broker’s role is still to be a trusted client adviser, Stribbell says the technology supporting that role is evolving. “What we do as a broker — the personal

connection, the assisting clients — hasn’t changed, but the technology has,” she says. “I don’t think we have a choice but to embrace, learn and move with it. There are AI tools to help grow your business, and I would rather be at the forefront, so that as it evolves, I am not overwhelmed.” Looking ahead, Stribbell predicts more AI tools will be released for document assistance and probably underwriting support. “There are new ones coming out all the time,” she says. “There will probably be a new one by the time this article goes live.” Her best advice? Treat your AI tool like an assistant sitting beside you. “Talk to it that way, teach it and give it the opportunity to learn how you do things.” She also says it’s important to understand that humans will not be replaced by AI. People will always be needed, but roles and tasks may change. Clients are using AI as well, and sometimes they become

overwhelmed. They need brokers to walk them through the process. “First-time homebuyers, for instance, need that human element.” Stribbell says. “As AI grows, we will need that human connection even more, I think.” If you’re thinking of adopting an AI tool, do your research and confirm the use case. “Remember that AI typically gets you results quicker, but check first if your business actually needs it,” Stribbell advises. “Maybe you already have the tool built into an existing program you are using.” Learning something new can be intimidating, and no one wants to feel like the world and its technology are passing us by. Through AI, mortgage brokers and industry professionals alike can benefit from more efficient processes that complete tasks and free up our most valuable commodity: time. For those who are ready to take it the next level, this could be the ideal time to explore an AI-driven tool.

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1-866-907-5407 | deals@vwrcapital.com | vwrcapital.com CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 21

security

As artificial intelligence reshapes the digital landscape, mortgage brokers cannot afford to treat cybersecurity as an afterthought BY SAMANTHA ASHENHURST

CYBERSECURITY’S

ybercrime isn’t what it used to be. What was once largely associated with sophisticated attacks on governments, banks and multi-national corporations has become an everyday threat for businesses of every size. Fuelled by artificial intelligence, organized crime and increasingly sophisticated tactics, cybercriminals are launching more attacks than ever — and they’re succeeding more often. “The cybercrime industry isn’t necessarily getting smarter, but it’s getting bigger,” Rob Mark, president and CEO of cybersecurity company BVigilant, tells Canadian Mortgage Broker. “It’s attracting a lot more criminal investment because of how profitable it is.” Mark, an IT professional for more than two decades, has spent the better part of his career specializing in cybersecurity within the mortgage broker space. He’s seen firsthand the devastating impact a cyber attack can have on a brokerage. “The mortgage industry has seen some pretty significant breaches in recent years, but they’ve largely flown under the radar,” he says. “There just isn’t enough media time to cover every breach.” Bleak as it may sound, there’s some good news on the horizon. While the threat landscape has changed dramatically, most successful attacks still rely on the same thing: people underestimating the risk. Understanding how cybercriminals operate may be one of the most effective ways brokers can protect themselves, their business and their reputation.

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MISCONCEPTIONS Many brokers assume cybercriminals are primarily interested in large corporations, banks or government agencies. In reality, small businesses have become some of the most attractive targets. “Mortgage brokers are getting breached all the time, but it’s just not appealing for the media cycle,” Mark says. “Stories about cyber attacks on mid-size businesses aren’t as sexy as an oil company getting ransomware.” What’s more, mortgage brokers often operate independently and manage their own technology. While they maintain extensive databases of confidential client information, they may not have dedicated IT staff or formal cybersecurity programs in place. “A lot of brokers, especially when they’re starting out, don’t anticipate the cost of cybersecurity or realize they should budget for it,”

NEW REALITY Mark says. “They’re focused on getting clients and funding deals.” Another challenge is that responsibility for cybersecurity isn’t always clearly understood within a brokerage, he adds. “There’s a lot of finger-pointing,” Mark says. “People assume someone else is responsible.” As such, whether opting to handle the task internally or work with a consulting firm, it’s vital that brokerages assign someone within the organization to take ownership of cybersecurity. “Somebody needs to be responsible for it, and then they need to follow a framework,” Mark says. “This helps in laying out the actual layers and safeguards a brokerage needs to have.” EMAIL AT THE FRONT LINE For years, ransomware dominated cybersecurity headlines, but today the greatest threat

ADOBESTOCK

facing mortgage brokers looks very different. Business email compromise (BEC) has become one of the most common — and costly — forms of cybercrime. “That’s really the biggest target we’re seeing right now,” Mark says. Rather than locking businesses out of their systems, attackers increasingly focus on quietly gaining access to email accounts and harvesting valuable information. Often, the attack begins with a phishing email. “In the broker space, what we’re finding most common is a ‘spear phish,’ which is a much more targeted phishing attack,” Mark says. “In these cases, the cybercriminal has actually done some homework on you.” Unlike mass phishing campaigns that cast a wide net, spear phishing begins with reconnaissance. Cybercriminals scour a broker’s website, Google reviews, LinkedIn profile, testimonials,

and social media accounts to learn how they communicate, who they work with and what their business looks like. Armed with that information, they can convincingly impersonate a client, lender, referral partner or colleague, sending emails that appear entirely legitimate and are far more likely to earn the broker’s trust. “What we’ve seen consistently in the past year is brokers will get their primary work email breached,” Mark says. “The hackers download an entire copy of it while they’re in there. If you don’t have proper security in place, you probably don’t even know they're in there, so we’ve actually seen the time frame of breaches getting much longer.” In some investigations, Mark says his team has discovered attackers had access to accounts for more than 90 days before anyone realized there was a problem.

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security

“I say ‘90 days’ because that’s the default log retention,” he explains. “So, when we say that somebody’s been into your account for 90 days, it means they’ve been into your account as long as the logs go back. It could be longer.” AI ENTERS THE CHAT Complicating matters, artificial intelligence has quickly become one of the mortgage industry’s favourite productivity tools. From marketing content and client communications to workflow automation, brokers are increasingly integrating AI into their daily operations. Mark believes AI offers enormous benefits — but only when it’s used responsibly. “It’s absolutely a great tool,” he says. “There are safe ways to use it, and there are ways that it will greatly help mortgage brokers become more efficient.” The concern is that many users don’t fully understand what information should (and shouldn’t) be shared with AI platforms. Many public AI platforms explicitly advise users not to upload confidential or regulated information. For brokers handling highly sensitive financial data, that guidance should be taken seriously. “You don’t even need to be hacked if you’re uploading sensitive client information into the free model of ChatGPT,” Mark says. The legal landscape also remains uncertain. Canada’s privacy legislation predates generative AI, and, while existing privacy obligations still apply, there are currently few explicit rules governing AI use in mortgage brokering. Many brokerages and networks have begun developing their own internal AI policies, but industry-wide standards are still evolving. In the meantime, brokers can't wait for regulation to catch up — they remain responsible for protecting their clients’ confidential information, regardless of the technology they’re using. BUILDING TRUST While clients aren’t yet asking mortgage brokers about their AI policies or cybersecurity practices in large numbers, Mark believes it’s only a matter of time. “That will come,” he says. “Consumers will start asking more when we start seeing some more significant breaches reported in the media.” Rather than waiting for those questions, Mark encourages brokers to demonstrate their commitment proactively.

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One way to do that is by adopting an internationally recognized cybersecurity framework. His recommendation is the CIS Controls: a publicly available framework designed to help organizations implement practical cybersecurity measures appropriate to their size. Unlike enterprise-level security programs, these controls are scalable for small businesses and provide a roadmap for improving cyber resilience over time. Displaying that commitment — whether on a website, email signature or within company materials — can reassure clients that protecting their information is a priority. CYBER INSURANCE Professional liability insurance has long been viewed as essential for mortgage brokers. Cyber insurance, however, has not received the same attention. Mark believes that needs to change. “If a broker is operating without cyber insurance right now, it’s probably only a matter of time until they suffer a significant financial loss,” he says, adding that the damage of a typical breach on a small business generally exceeds $150,000.

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Any broker can ask themselves this question: Is it more likely that you’re going to make a critical error in the funding of a deal and have to lean on your E&O insurance, or is it more likely that somebody’s going to hack into one of your accounts and steal a bunch of information? It’s far more likely that you’re going to be breached, and I’m a little shocked that people don’t realize that. Rob Mark

Many brokers mistakenly assume their errors & omissions (E&O) insurance covers cyber incidents. In reality, though, most policies specifically exclude cyber events. “In all my time in this industry, I’ve only ever seen a single policy that included cyber events without a separate rider,” Mark says. Considering the likelihood of a cyber incident, he argues cybersecurity deserves the same level of attention as E&O insurance. In fact, he believes a broker is statistically far more likely to experience a cyber breach than make a professional error resulting in an E&O claim. “Any broker can ask themselves this question: Is it more likely that you’re going to make a critical error in the funding of a deal and have to lean on your E&O insurance, or is it more likely that somebody’s going to hack into one of your accounts and steal a bunch of information?” Mark says. “It’s far more likely that you’re going to be breached, and I’m a little shocked that people don’t realize that.” As cyber risks continue to increase, he expects dedicated cyber insurance to become more common — and potentially a future expectation across the industry. REPUTATION ON THE LINE The consequences of a cyberattack extend far beyond the immediate financial cost. A data breach can disrupt a business, require significant time and resources to investigate and, perhaps most importantly, damage the trust brokers work so hard to build with their clients. “The financial impact is one thing,” says Mark, “but the reputational impact can take much longer to recover from.” For Mark, no statistic illustrates those consequences more clearly than the notification letter a broker is legally required to send following a breach. “By law in Canada, if you suffer a breach, you are obligated to write a letter to everybody in your contacts who could have suffered any data leakage,” he says. As an exercise, Mark encourages brokers to take 15 minutes to draft that letter. “Imagine sending it to every client in your contact list,” he says. “You’re obligated to tell them exactly what happened, when it happened, which files were compromised, what you’re going to do to prevent it from happening again

and who they can reach out to for more details about the attack.” It’s a simple exercise, but one that quickly shifts cybersecurity from an abstract business expense to a very real client relationship issue. MOVING FORWARD The good news is that many cyber incidents are preventable. Simple measures, such as strengthening email security, using unique passwords, enabling multi-factor authentication, adopting a recognized cybersecurity framework and establishing clear policies around AI use, can significantly reduce a brokerage’s risk. As cyber threats continue to evolve, cybersecurity is becoming less of an IT issue and more of a fundamental business responsibility. For mortgage brokers, protecting client information is an extension of the trust clients place in them every day. Those who make cybersecurity part of their professional practice won’t just be better prepared for emerging threats: They’ll also be better positioned to earn and maintain their clients’ confidence in an increasingly digital world.

Practical Protection for Every Brokerage Improving cybersecurity doesn’t necessarily require enterprise-level budgets. For smaller brokerages, Rob Mark recommends beginning with a few fundamental practices: Use a password manager to generate unique passwords for every account. Enable multi-factor authentication (MFA) wherever possible. Never reuse passwords across multiple services. Assign someone within the organization to take ownership of cybersecurity. Protect email with advanced filtering and monitoring tools. Follow an established cybersecurity framework rather than relying on ad-hoc practices. Work with an IT partner who understands the mortgage business and the level of protection required. Password managers, in particular, help defend against credential-stuffing attacks, where criminals use usernames and passwords stolen from unrelated breaches to access other online accounts. If every account has a unique password, one compromised login won’t expose an entire business. Email security also deserves special attention. Since more than 90 per cent of attacks begin through email, additional layers of protection — including malicious link detection and account monitoring — can dramatically reduce risk.

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Closing.

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brokers off-the-clock

Through her Helping Hands initiative, Ontario broker Tina Trama-Mayol has shown how one person’s commitment to giving back can inspire an entire community – and even an industry – to get involved BY SAMANTHA ASHENHURST

fter nearly five decades in the lending industry and close to 30 years as a mortgage broker, Ontario’s Tina Trama-Mayol has built a solid reputation not only for her professional success, but for her commitment to giving back. “People always tell me I’m overly energetic,” she tells Canadian Mortgage Broker. “I guess that’s how I’m being defined these days, but when you love what you do, it never feels like work. It’s just something that brings you pleasure.” On the business side of things, Trama-Mayol leads a team of about 30 mortgage professionals under Mortgage Alliance, with plans to continue growing. At an age when many are slowing down, she recently took on a new business partner and opened another franchise. While mortgage brokering has been a major part of her professional life, Trama-Mayol’s commitment to community stretches back much further. “I’ve always felt very lucky in my life,” she says. “I have a beautiful family and wonderful grandchildren. I’ve been blessed in so many ways, and, because of that, I’ve always felt the need to give something back.” This desire crystallized more than 40 years ago during a drive through downtown Toronto with her husband. Living outside the city in Caledon, Trama-Mayol says she had never fully understood the extent of poverty and homelessness in her own community. “My husband took me downtown and I saw things that I didn’t think really existed in Canada,” she says. “I thought this was a rich country where everyone had what they needed. What I saw that day shocked me.” Her husband offered a simple piece of advice. “He said, ‘If you want to help, you should start where you live,’” she recalls. “I remember thinking, ‘I know what I’m meant to do. I know I’m meant to do this.’” What began as collecting clothing and raising money with friends and family eventually grew into a much larger charitable effort. Over time, Trama-Mayol built relationships with shelters, social workers and community organizations across the Greater Toronto Area. A few years ago, Elaine Taylor, a fellow industry professional with Mortgage Alliance, suggested the initiative needed a name. “We decided to call ourselves the Helping Hands,” Trama-Mayol says. Today, Helping Hands organizes several fundraising and volunteer events each year, often with support from lenders, mortgage professionals, family members and friends. One of its signature events is a volleyball tournament that brings together teams from across the industry. Entry fees are directed entirely toward community support initiatives.

Top: Tina Trama-Mayol (front row at left) and the Helping Hands volunteer group serving warm, home-cooked meals at an Ontario shelter. Bottom: Trama-Mayol (right) and two volunteers loading food donations to be delivered to shelters across the Greater Toronto Area.

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I let my team know about my schedule at the beginning of each month, so they know where I’m volunteering. People started asking, ‘Can we help? Can we donate clothes? Can we contribute?

“What do we do with the money we raise?” Trama-Mayol says. “We cook. We literally cook and bring food to shelters.” After last year’s event, volunteers prepared and served meals to more than 250 people across three shelters. Alongside the meals, they also distributed clothing and prepared take-away bags to ensure recipients had something to eat later as well. “Giving back like this fills my heart like you won’t believe,” Trama-Mayol says. Christmas has become the group’s largest annual initiative. This past holiday season, the organization raised more than $32,000 in a matter of weeks. The campaign provided 970 frozen turkeys — along with bags of potatoes, vegetables and pies — to seven shelters across the region. “It’s grown beyond anything I imagined,” TramaMayol says. The impact extends beyond shelters. During the COVID-19 pandemic, Helping Hands delivered groceries every month to 37 families who had lost their household incomes. The organization also supports women’s shelters, seniors’ residences and other community groups that reach out for assistance. “I don’t need a thank you,” Trama-Mayol says. “If we can help, we help.” For Trama-Mayol, volunteerism has also changed the way she approaches her work as a broker. “A hundred percent it has,” she says. “When I hear a client’s story now, I pause. I’m not mechanical in my interviews. I want to understand where they’re coming from.” She believes taking the time to understand clients on a deeper level ultimately allows her to serve them better. “When you make people feel comfortable, you’d be surprised how much you learn and how much better you understand why they are where they are,” she says. Unsurprisingly, the ripple effect has extended to her team as well. While Trama-Mayol has never required employees to participate in volunteer initiatives, many have chosen to get involved on their own. “I let my team know about my schedule at the beginning of each month, so they know where I’m volunteering,” she says. “People started asking, ‘Can we help? Can we donate clothes? Can we contribute?’” Seeing others embrace the cause has become one of the most rewarding parts of the journey. “You always need a doer,” she says, “but you also need people willing to help the doer. That’s how things get done.”

Volunteerism has shaped other chapters of Trama-Mayol’s life as well. As a cancer survivor who was diagnosed with lung cancer 15 years ago, despite never smoking, she has participated in dozens of fundraising walks and initiatives supporting cancer research. She was also a founding member of Vita Manor (now known as Vita Centre), an organization in the Peel Region that supports young mothers through pregnancy and early parenthood. Looking back, Trama-Mayol sees all of these experiences as connected. “They shape who we are as people,” she says. These days, she balances her work life with family life, dedicating one day each week to spending time with her four granddaughters. “That day is Grandma Day,” she says. “Whatever they want to do, that’s what we do.” For Trama-Mayol, the motivation to keep volunteering remains simple. “If you’re blessed, you have to be responsible to give back,” she says. “You have to do something to help.” Of course, Trama-Mayol doesn’t expect to solve every problem she encounters. Instead, she focuses on making small differences wherever she can. “My husband always says we do what we can,” she says. “Maybe one little difference grows into a bigger difference.” If the growth of Helping Hands is any indication, those small acts of kindness can travel farther than anyone expects. “What makes me happiest is seeing other people get involved,” Trama-Mayol says. “It means the cause is growing. It means more people are opening their eyes and helping.” For someone who has spent decades helping clients achieve their goals, that may be the achievement she’s proudest of. “This is life,” she says. “Whatever I do, I have fun doing it.” This interview with Tina Trama-Mayol continues our series Brokers Off-the-Clock. In every issue, we ask a mortgage broker to tell us what they like to do when they’re not behind a desk. Be it travelling to exotic places, supporting community initiatives or being involved with sports, we want to know how you unwind. Would you like to be profiled in a future edition — or suggest a fellow mortgage broker? Contact info@cmba-achc.ca

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trusted advice

OPAR DA 28 I SUMMER 2026 CMBA-ACHC.CA CMB MAGAZINE

WHY BETTER DATA IS MAKING GREAT MORTGAGE BROKERS EVEN MORE VALUABLE BY JEFF TISDALE

THE INFORMATION

RADOX AP F or most of human history, expertise was built on scarcity. There was a time when expertise could be measured by what someone knew that others didn’t. In the industry of brokering, it was not long ago when rate sheets arrived by fax, product manuals filled binders and market reports arrived monthly instead of by the minute. If a homebuyer wanted to compare lenders, they generally preferred speaking with someone whose full-time job was understanding those differences. Information moved slowly, and mortgage professionals became valuable because they knew where to find it. Mortgage brokers aren’t the first profession to experience this shift. Travel agents once sold airline tickets; today, they sell confidence, local knowledge and unforgettable experiences. Lawyers can access the same online templates as their clients, yet people still seek legal counsel because judgment cannot be downloaded. Physicians increasingly meet patients who have already researched their symptoms, but diagnosis has never been about information alone — it has always been about interpretation. Ironically, abundant information doesn’t reduce uncertainty: It often increases it. As avenues for information grow, consumer confidence declines. People become afraid of making the wrong decision because every answer appears to have an equally convincing counterargument. Then something remarkable happened: The internet democratized information as smartphones placed nearly the world’s collective knowledge into every pocket. Artificial intelligence accelerated the trend again, transforming information from something that was difficult to obtain into something available almost instantly.

We often celebrate this as progress — and rightly so — but it has also introduced a fascinating challenge. When everyone has access to information, expertise can no longer be defined simply by possessing it. In less than 20 minutes, an individual can compare fixed and variable rates across dozens of lenders, estimate their home’s value using several online platforms, calculate payment scenarios, read opinions from economists, browse Reddit discussions, ask AI what to do and watch three YouTube videos that confidently recommend three completely different mortgage finance strategies. None of those sources are necessarily wrong, but information overload can cause confusion. All available information is presented in a general context. It isn’t written for a specific individual and doesn’t take into consideration their income, family situation, risk tolerance and stage of life — but, of course, every article sounds convincing and every podcast features an expert.

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trusted advice

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INFORMATION PARADOX

Today’s consumers rarely struggle to find an answer anymore. They struggle to decide which answer deserves their trust. This is really the paradox we’re living through. Finding information has become almost effortless but figuring out which information actually matters has become incredibly difficult. Today’s clients often arrive more informed than ever before, yet less certain about what to do. They have consumed articles that contradict one another: One website tells them to lock into a fixed rate, while another argues for a variable option. They may even come across one valuation platform that estimates their home at $1.05 million, while another suggests $1.18 million. Indeed, technology has solved the easiest part of the mortgage process. Finding information is no longer difficult. The truly difficult part is knowing which information matters, what should be ignored and how today’s decision fits into a family’s broader financial journey. This is where expertise has migrated. Twenty-five years ago, a homeowner rarely arrived armed with research. They depended on their broker to explain lender policies, estimate affordability and navigate a relatively opaque lending environment. In essence, the broker was the gateway to information. Fast forward to 2026 and your typical homeowner can compare any number of mortgage products scrolling on their phone while preparing breakfast. Then, as they wait in line for their mid-morning latte, they can estimate their home’s value and compare it to others that they deem as comparable. For extra measure, thanks to various AI platforms, they can ask questions about terms and concepts, such as amortization and payment options, summarize interest-rate decisions, and even get recommendations on financing strategies. In short, the information advantage and the gap between professionals and consumers has narrowed dramatically. Amidst access to all this data, technological advances and a plethora of content, something interesting has happened: The brokering profession has evolved instead of being eliminated.

When GPS arrived, people predicted the end of professional pilots and ship captains. Instead, navigation became safer while judgment became even more important. If you are reading this article on route to your favourite vacation destination, take comfort knowing that commercial aircraft today can perform astonishing feats with automation. Yet airlines haven’t decided pilots are unnecessary — quite the opposite. The more sophisticated the technology becomes, the more valuable experience is when something unexpected happens. Mortgage advice isn’t all that different, in the sense that expertise is where the value lies in the moments of the unexpected. The same principle applies throughout the knowledge economy. Tax software has become remarkably sophisticated. For as little as $25, it can guide someone through a tax return in under an hour, identify common deductions and calculate a refund in seconds. Yet millions of Canadians continue to seek the advice of experienced accountants — not because the software can’t complete a return, but because they understand that filing taxes isn’t simply about entering numbers correctly: Did they overlook a deduction? Should certain expenses be carried forward to a future year? Is there a more tax-efficient way to structure income, investments or a business? The software can perform the calculations flawlessly, but it cannot fully appreciate the broader financial context or the long-term consequences of today’s decisions. When the stakes matter, people aren’t simply paying for a tax return: They’re paying for judgment. Can it not be argued that mortgage advice is evolving in the same way? Brokers do not necessarily possess more information, but they can interpret the things that matter to the client sitting across the desk, coffee table or behind the screen on a Teams call. What does this differentiation look like in practice, you may ask? How often are you asked the question, “What do you think my home is worth?”

Yesterday’s broker would likely reply with a valuation and maybe speak to its accuracy: “Your home is worth approximately $1.1 million.” End of conversation. By comparison, today’s broker would likely begin with exactly the same valuation, but that would hardly be the end of the discussion: “Based on today’s market, your home’s estimated value is approximately $1.103 million. That’s certainly encouraging, but that’s only part of the story.” “Tell me about your home: Have you renovated? Do you have any significant financial plans over the next five years?” “Your home sits comfortably within the upper portion of the neighbourhood’s value range, which tells me buyers continue to place a premium on properties like yours. Let’s talk about why that might be.” “I notice your home was built in 2005 and that there have been permits issued since it was constructed. Have you completed renovations or improvements that might be contributing to its market appeal?” “Let’s look at the neighbourhood itself. Your walkability score suggests that many everyday errands can be accomplished on foot, while transit options, although more limited, remain available. Those may seem like small details today, but they increasingly influence buyer preferences and long-term market demand.” “I also notice there have been no recorded wildfire, flood or landslide events affecting this property since 2017. As climate resilience becomes a more important consideration for homeowners, insurers and lenders alike, that’s another positive piece of the property’s story.” “Finally, when I look beyond today’s valuation, I can see how your property has performed over time relative to the broader neighbourhood. That historical perspective often leads to a more interesting discussion than today’s market value alone. It helps us think about where you’ve built equity, what opportunities may exist, and whether your next financial decision should be refinancing, renovating, investing or simply staying exactly where you are.”

Notice something important about the second conversation. The broker didn’t demonstrate superior technology but tapped into superior curiosity and interest in their clients’ wellbeing. The valuation wasn’t the destination — it was the starting point. Every observation created another question and another opportunity. Very quickly we read how the second broker was able to steer a conversation around renovations into future financing or linking equity to retirement planning. Would your client connect walkability to resale value? Or how climate resilience introduced insurance considerations? Suddenly, the conversation isn’t about the valuation anymore. It’s about renovations, retirement, refinancing, insurance, kids leaving home or whether moving even makes sense. That’s the interesting part about property intelligence; it doesn’t simply tell you what your clients’ house is worth today, it actually helps you ask better questions. This act of asking thoughtful

questions — uncovering goals, concerns and opportunities — is becoming one of the mortgage profession’s greatest competitive advantages. Curiosity transforms property intelligence into trusted advice, and trusted advice builds relationships that outlast transactions. The future will belong to professionals who combine exceptional technology with exceptional curiosity. While technology may explain what a property is worth, only thoughtful people can discover what that property means. Not because they possess information that others cannot access, but because they know how to transform information into wisdom. Having spent years helping advance property intelligence, I have come to appreciate an unexpected irony: Every meaningful improvement in technology has reinforced the importance of the mortgage professional rather than diminished it. The more sophisticated our data becomes, the more valuable human judgment appears to be.

Better technology won’t replace great mortgage brokers — if anything, it’s exposing the difference between someone who simply provides information and someone who helps people make good decisions. Clients don’t need another website that tells them what their home might be worth; they need someone who can explain what that value means for the decisions they’re facing today and the ones they’ll face five years from now. That’s where trust is built, and I suspect that’s where the future of this profession will be as well. Jeff Tisdale is chief executive officer of Landcor Data Corporation, one of Canada’s leading providers of property intelligence and automated valuation solutions. Over the past 15 years, he has worked with lenders, credit unions, mortgage professionals and appraisers to advance the use of data and technology in residential real estate. He believes the future of mortgage advice lies not in replacing human expertise, but in equipping professionals with better information to ask better questions.

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CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 31

CMHC survey

BEYOND THE RATE:

THE MORTGAGE CONSUMER EXPERIENCE BY BERNADETTE LAGRITO

32 I SUMMER 2026 CMBA-ACHC.CA CMB MAGAZINE

Canadian mortgage consumers continue to show confidence and resilience in the face of ongoing economic uncertainty. This is according to the Canada Mortgage and Housing Corporation’s (CMHC) 2026 Mortgage Consumer Survey. Conducted in January of 2026, CMHC surveyed more than 4,100 mortgage consumers who had renewed or refinanced a mortgage or purchased a home in the past 18 months. For over 25 years, the mortgage consumer survey has brought valuable insights on mortgage consumers’ thoughts, attitudes and behaviours towards homeownership and the process of getting a mortgage.

PRIMARY SOCIAL MEDIA PLATFORMS USED FOR MORTGAGE-RELATED INFORMATION (Among those who searched online)

25% 25%

16%

13%

30%

24% 27%

21% 16%

N/A 15% 16%

14% 2022

2023

2024

FINANCIAL LANDSCAPE Among the mortgage consumers surveyed, the vast majority continue to be confident with their financial health and decision making as it relates to their most recent mortgage transaction. While fewer believe the value of their home will increase over the next 12 months compared to 2025, eight out of 10 still believe it is a good long-term financial investment. There was also a significant decrease in survey respondents who were concerned about defaulting on their mortgage — down to 39% in 2026 compared to 53% in 2025. However, not all mortgages are created equal. Maintaining financial health while managing a mortgage can be a delicate balancing act for many mortgage consumers. Renewers surveyed were more likely to say they were facing increased financial pressures due to changing interest rates with their mortgage payments increasing an average of $375 more per month. This is notable considering renewals were the most common mortgage transaction. While fewer homebuyers had concerns or felt uncertainty during the homebuying process

13% 12%

13% 2025

20% 15% 13% 10% 9% 8% 2026

this year, this rate remains high with almost half of all homebuyers (47% of those surveyed) expressing concerns. Compared to repeat buyers, refinancers, renewers and first-time homebuyers were also more likely to say they were concerned about the possibility of defaulting on their mortgage payments in the future. First-time buyers often have the greatest need for education, guidance and trusted advice. They’re navigating unfamiliar terminology, weighing mortgage options, planning for closing costs and trying to make informed decisions in an ever-changing market. ONLINE RESEARCH & SOCIAL MEDIA At the same time, first-time homebuyers are the most likely to engage in online activities to prepare for what is arguably the largest financial purchase of their lives. They are most likely to submit pre-qualifications or preapprovals, complete financial self-assessments and use online mortgage calculators. Three out of four first-time homebuyers surveyed said they searched online to gather information about mortgage options and features. Combined with the finding that eight in 10 first-time homebuyers surveyed reported using a mortgage broker to arrange their mortgage, this underscores the important role that both professional advice and self-directed research play in helping first-time buyers navigate the homebuying process with confidence. New to this year’s survey was the use of artificial intelligence (AI) for information gathering. Of those who did online research, 16% said they leveraged AI in their search. This jumped to 23% percent for first-time homebuyers. While AI has made headway in this year’s survey, social media continues to be a mainstay for mortgage research with nearly half of respondents leveraging various platforms. Facebook, YouTube and Instagram continue to lead the charge as the most used platforms for those leveraging social media. First-time homebuyers and refinancers, as well as younger consumers, continue to show higher use of social media to gather mortgage information. CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 33

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34 I SUMMER 2026 CMBA-ACHC.CA CMB MAGAZINE

CMHC survey

REGRETS ABOUT THE MOST RECENT MORTGAGE TRANSACTION

25%

BELIEFS ABOUT HOMEOWNERSHIP

Mortgage characteristics

15%

believe that homeownership is a good long-term financial investment

81%

“I wish I had made the transaction later/sooner”

74%

are confident they got the best mortgage deal for their needs

Timeline

“I wish I had chosen a longer/shorter amortization period” “I wish I had chosen a different mortgage term type” “I wish I had selected a longer/shorter mortgage term”

14%

72%

are generally comfortable with their current level of mortgage debt

Timeline

68%

believe the value of their home will increase in the next 12 months

“I wish I had borrowed a larger/smaller amount”

THE CONSUMER EXPERIENCE Moving from research to signing on the dotted line is a major step in the homebuying journey that could leave some feeling apprehensive. However, most mortgage consumers surveyed generally felt positive about their mortgage experience. Nearly eight in 10 (79%) felt they had a strong understanding of what they could afford, 77% felt they had the right tools to manage their mortgage and overall debt and 74% described the mortgage process as easy. In fact, less than one in 10 said they were dissatisfied with their mortgage professional experience. Those that indicated dissatisfaction listed interest rates, service and communication as the main reasons. Yet, 42% of survey respondents still reported having at least one regret about their most recent mortgage transaction, but those regrets were most often related to the mortgage itself such as amortization, mortgage type and the amount being borrowed. FUTURE RENOVATIONS & GOING GREEN Despite these concerns and market uncertainty, many mortgage consumers are already planning for future updates to their recent home purchase. Nearly two-thirds (63%) of mortgage consumers surveyed plan to renovate within the next five years, with almost half (46%) expecting to invest at least $20,000. Among refinancers, renovations are now tied with improving financial health as the leading reason for refinancing an existing mortgage. Energy efficiency renovations are also a priority among those planning to renovate with 29% looking to make energy-efficiency improvements focusing primarily on windows and doors, heating systems, insulation and ventilation. The survey also reinforces that these investments deliver meaningful results. Among mortgage consumers who completed energy-efficiency renovations within the past three years, 91%

said they are satisfied with their investment, while 75% saw savings on their energy bills. Overall, this year’s Mortgage Consumer Survey reinforces that most Canadian mortgage consumers are confident about their recent mortgage transactions. While some continue to face financial pressures, they are increasingly turning to a combination of professional advice, digital tools and personal research to support their decision-making. For mortgage professionals, the findings reinforce the importance of providing trusted guidance, clear communication and tailored solutions that help consumers navigate one of the most significant financial decisions of their lives. Bernadette Lagrito is an account representative with CMHC, supporting lender and broker partners throughout the Vancouver Lower Mainland and Interior BC. The full 2026 Mortgage Consumer Report is available at cmhc.ca/2026MCS CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 35

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new regulations

OPEN BANKING MILESTONE Draft Consumer-Driven Banking Regulations Released

BY KOKER CHRISTENSEN, CAITLIN SABETTI AND ISABELLE SAVOIE

n June 27, 2026, the Department of Finance published the proposed Consumer-Driven Banking Regulations (the “Regulations”) under the Consumer Driven Banking Act (the “Act”). Together with the Act, the Regulations introduce a framework, to be overseen by the Bank of Canada (the “Bank”), that enables Canadian individuals and businesses to share their financial data with accredited service providers of their choice. The Regulations include requirements related to accreditation, security, national security, authentication and consent, reporting, record keeping, framework transparency, technical standards, assessments, and violations. Selected key aspects of the Regulations are discussed below. The Regulations are subject to a 60-day consultation period ending on August 26, 2026, during which interested stakeholders can provide feedback using the comment feature on the Canada Gazette website. For more information on the consumer-driven banking framework, please refer to Fasken’s publication titled Budget 2025: The Bank of Canada’s Mandate Expands to Stablecoin and Open Banking. THE REGULATIONS In-Scope Data The Act specifies that, at the request of a consumer, participating entities will be required to share both data provided by a consumer and product data related to deposit accounts, payment products, investment accounts, and lending accounts. The Regulations clarify that the data in respect of which the Act applies includes the following: data pertaining to the identity of consumers of the products or services; account numbers, branch numbers, transit numbers and other identifiers pertaining to the products or services; current or past balances or amounts owing;

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data pertaining to completed, pending or pre-authorized transactions; and data respecting the products or services that are available or offered to consumers, including the terms under which they are available or offered. Accreditation Pathways The Regulations address four pathways of accreditation specific to applicant entity type: accreditation for federal and provincial financial institutions; streamlined accreditation for entities registered under the Retail Payment Activities Act; non-streamlined accreditation for other entities; and accreditation for third-party service providers.

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The Regulations set forth the information applicants must submit to the Bank using the electronic system provided for that purpose, as well as the prescribed application fee of $2,500 (subject to an annual adjustment). The Regulations also set forth appeal mechanisms in the event accreditation status is denied, suspended or revoked by the Bank. Selected Duties of Participating Entities The Regulations provide details regarding duties that participating entities must fulfill, including: Display of Sign Participating entities must display a sign indicating they are a participating entity in the consumer-driven banking framework in their physical and digital properties, and the sign must meet requirements set out in the Regulations. Notice of Change Participating entities must notify the Bank of changes that would have impacted the entity’s accreditation outcome had that change been in place during the time that the accreditation application was being reviewed by the Bank. Changes to be reported include those related to information submitted during accreditation, as well as changes to the Accredited Third-Party Service Providers (ATPSPs) with which participating entities contract to perform activities under the Act. Changes with more immediate or pressing impacts must be reported as soon as feasible, while all other changes must be reported within 30 days after they occur. Record Keeping Participating entities will need to retain sufficient records to demonstrate their compliance with the Act and the Regulations in an electronic form that is intelligible to the Bank for a period of five years, unless otherwise specified. The Regulations also specify measures that must be taken to protect records from loss, destruction, falsification, inaccuracies, and access by unauthorized persons. 38 I SUMMER 2026 CMBA-ACHC.CA CMB MAGAZINE

Security Participating entities must submit a report to the Bank as soon as possible after a breach of security safeguards involving consumer data occurs. Where a breach creates a risk of significant harm to the consumer, the consumer must be notified either directly or indirectly. Participating entities must also report to the Bank with respect to any investigation it undertakes regarding a breach of security safeguards. Consent The Regulations clarify the following consent-related obligations for participating entities: Use of data: The Regulations create a limited set of circumstances where the participating entity can use a consumer’s data that has been shared under the framework for a purpose that is different from the purposes listed when express consent was initially obtained from the consumer. These exceptions are related to investigations of contraventions of the law, emergencies that threaten the life, health or security of an individual, or publicly available data. Record of consent: Participating entities must keep and provide a record of express consent to the Bank. Consent renewal: The Regulations set out exceptional circumstances in which a consent renewal is required outside of the normal period of valid consent (which is no longer than 12 months), including: (i) when a participating entity becomes aware that a consumer’s authentication information has been stolen or otherwise exposed to imminent risk, (ii) when a participating entity becomes aware of a significant change in the consumer’s circumstance, and (iii) when there is a significant change to the participating entity’s circumstance. Data deletion: The Regulations provide that a participating entity’s duty to delete data at a consumer’s request is not required when consumers have provided consent for participating entities to use “modified versions of their data that have been irreversibly

and permanently modified so as to ensure that there is no reasonably foreseeable risk that the consumer can be identified from it, whether directly or indirectly, by any means.” Authentication The Regulations require participating entities providing data to use identity and access controls, including multi-factor authentication, and require reauthentication when consent renewal is required. Data Sharing In general, participating entities are required to verify the identity of other participating entities prior to sharing data by ensuring that they are on the Bank of Canada registry and that there are no conditions on their registry status that places conditions on their ability to provide or receive data. However, the Regulations also create exceptions to the duty to share where a participating entity can refuse an initial sharing request or stop providing data despite valid consumer consent. These circumstances include instances where there are reasonable grounds to believe that sharing data would cause physical, psychological or financial harm to the consumer, where there are reasonable grounds to believe that sharing data would create risks to the security, integrity, or stability of the framework or a participating entity’s information and communication technology systems, and where consumer accounts have been blocked or suspended. Participating entities seeking to utilize these exceptions would be required to inform the other participating entity that is requesting or providing the data, as well as the Bank, in order to ensure appropriate application of such exceptions. Minimum Service Level Standards The Regulations set the baseline expectations for uptime by requiring Application Programming Interface (API) endpoints to be available 99.5% per month, response times to be reasonable and consistent with generally accepted standards, rate limitations to only be permissible for reasons of technical stability or security, and participating entities to make available

a minimum of 24 months of consumer data upon request. OTHER PROVISIONS The Regulations also provide clarity on and set forth requirements relating to: National security safeguards: The Minister of Finance will have the power to review applicants and accredited entities, to issue directives to the Bank to refuse, suspend, or revoke access to the consumer-driven banking framework, and to require undertakings from, or impose terms and conditions on, an applicant, participating entity, or ATPSP for national security reasons. Annual reporting: Participating entities must submit an annual report to the Bank, in the prescribed form and manner, containing prescribed information. Duties of ATPSPs: ATPSPs agree to undertake certain duties regarding record keeping, notices of change and notices of exit from the consumer-driven banking framework. Technical standards body: The Regulations prescribe information to be included in the technical standards body’s annual report to the Bank. Evidentiary privilege: The Regulations set forth information that must not be used as evidence in any civil proceedings and that is privileged for that purpose. Assessment fees: The Regulations set forth an annual assessment regime applicable to participating entities, ATPSPs, and the external complaints body, and mandate that participating entities report, on an annual basis, the prescribed information necessary for the Bank to administer the assessment fee. Violations: The Regulations designate which provisions of the Act and regulations are subject to Administrative Monetary Penalties (“AMP”) if contravened. The maximum AMP for a violation is $1,000,000 if committed by an individual and $10,000,000 if committed by a participating entity or ATPSP.

LOOKING AHEAD Although the Act and Regulations have not yet come into force, they represent an important step in Canada’s journey to open banking and align with the government’s 2026 Spring Economic Update commitment to advance initiatives to promote competition and lower financial costs for Canadians. Interested stakeholders should review the Regulations in detail and consider providing any feedback during the consultation period. In addition to the Act and the Regulations themselves, the Bank also plans to develop guidelines further clarifying the requirements therein, which will provide additional insight into the obligations of participating entities. All information and opinions contained in this article are for general information purposes only and do not constitute legal or any other type of professional advice. The content of this publication is not intended to be a substitute for specific advice prepared on the basis of an understanding of specific facts. Any reliance on this information is at your own risk. This article is republished with the permission of Fasken, a leading international law firm. The authors are all in the firm’s Toronto office. Koker Christensen is Partner, Co-leader, Financial Services; Caitlin Sabetti is Partner, Corporate/Commercial; Isabelle Savoie is Associate, Corporate/Commercial. For more, visit fasken.com.

In today’s market, the right lender matters. Specializing in non-traditional and self-employed borrowers, we work with you to find the right solutions. Joe Rosati VP, Business Development jrosati@icsavings.ca 647.668.2807 icsmb.ca

CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 39

compliance

40 I SUMMER 2026 CMBA-ACHC.CA CMB MAGAZINE

WHEN THE BORROWER FAILS: A LICENSED INSOLVENCY TRUSTEE READS YOUR FILE

A deep dive into the practical file habits, before the deal is signed, that decide whether a broker is a witness to someone else’s fraud or a defendant in it

BY PAUL FRANCHI, JD MBA CIRP LIT ost of the files that end in litigation did not look like trouble on closing day; they looked like deals that closed. The trouble surfaces later, sometimes years later, when someone who has a legal duty to ask questions reads the file from the outside. As a Licensed Insolvency Trustee with a legal background, a meaningful part of my work is reconstructing transactions after the fact, on behalf of an estate, a court or a regulator. From this seat, I have learned many valuable lessons that are worth passing on to the people who arrange financing in the first place. A mortgage broker rarely comes to my attention because of a single dramatic act: It happens because of a quiet gap between what the file says and what actually occurred — a gap that becomes visible only when the borrower can no longer pay. This piece is meant to lower your pulse, not raise it. The conduct that keeps a broker safe is, for the great majority of brokers, the conduct they already practise. The point is to understand who reads the file later and what they look for. THE ‘WHO’ & ‘WHY’ Three people tend to arrive after a borrower’s finances fail, and each has standing that does not depend on the broker’s cooperation. The first is a trustee. When a borrower goes bankrupt, control of his or her property and legal rights passes to the trustee automatically, by force of the statute itself rather than any court order. That is the effect of section 71 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3. The bankrupt must hand over books, records and property (section 158), and the trustee has a duty to investigate the bankrupt’s affairs, with the power to examine the bankrupt and others who dealt with the bankrupt, under oath. A transaction that moved significant money and left the borrower worse off is exactly the kind of dealing a trustee examines, and the Act lets the trustee compel the records to do it. The point for a broker is narrower and more useful: This is the class of file a trustee reads closely, so it is the class of file that had better explain itself. Readers of this magazine have seen the machinery run at full scale. Indeed, the Fall 2025 account of the My Mortgage Auction Corp. collapse, “When the Ponzi Music Stops,” is the same universe: A trustee taking control under the statute and, in a single application, recovering the false profits paid to some 500 investors.

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CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 41

compliance

The files I am describing are smaller and quieter, but the reader who arrives is the same. The second reader is the borrower’s new lawyer, retained when the borrower realizes the deal did not deliver what was promised. That lawyer reads the file for the mismatch between what was expected and what was delivered. The third is your regulator. The Financial Services Regulatory Authority of Ontario (FSRA) needs no introduction in this publication, and neither does the Mortgage Brokerages, Lenders and Administrators Act, 2006. This is your working statute, not mine. What is worth knowing is that the people on my side of a failed file read it, too. FSRA can investigate and preserve a brokerage file, and it does not need a conviction to begin. A credible complaint, often forwarded by a trustee or a borrower’s counsel, is enough to open a review, and the sanctions run from fines through licence suspension to revocation. On geography, the insolvency system is federal and runs identically in every province. While the regulatory citations here are Ontario’s, every province has its counterpart. None of these people are the adversary of an honest broker. They are referees. The difficulty is only this: They read the file as it exists, not as anyone remembers it. THE PATTERN THAT DRAWS SCRUTINY A word on proportion first. This territory is fraud and dishonest dealing, and it remains a small corner of the brokering world. The overwhelming majority of brokers will never produce a file like the one below, but, in the files that reach me, that corner is expanding quickly. I call the pattern drift: the transaction the borrower was told about is not the transaction that was registered on title. The example that follows is fictional. It is offered only as an illustration of some of what I am seeing and is not intended to portray any real person or people. A borrower receives a written proposal by text message, describing modest financing secured only against a

42 I SUMMER 2026 CMBA-ACHC.CA CMB MAGAZINE

condo rental unit she owns alone, with a clear release mechanism tied to a future refinancing. The background: At a friend’s request, she is putting up risk capital in a highly speculative venture, willingly, in the hope of an extraordinary payoff. It is the same friend who introduces the loan. The terms are never properly documented; they live scattered through a backand-forth of text messages. She intends to restrict the collateral to the rental unit, which seems sensible enough — she holds it free and clear, and on a conservative valuation it comfortably covers the loan. By closing, and in the name of just how risky the venture is, the terms have changed. The registered mortgage is substantially larger, is cross-collateralized against the primary home she owns jointly with her spouse and contains none of the release mechanism that was described. The proceeds flow largely to fees, prepaid interest and the venture itself, which was never as real as it was made to sound, and which benefits no one but that friend’s circle. To some readers this will sound unfamiliar, but it is not unfamiliar to me. The borrower walks away personally on the hook for a much bigger debt, with little or no net benefit in hand. When a trustee or a lawyer lays the proposal beside the registration, the gap speaks for itself. The question that follows is not accusatory, but it is unavoidable. How did the deal change so much, who decided it should and what did the borrower understand at the moment of signing? A broker who can answer with documents is in a strong position even if the deal went badly. A broker who cannot is exposed regardless of intent. THE THIN FILE IS THE HEART OF THE MATTER The records you keep at closing are the records that defend you later. When they are missing, the absence itself becomes the story. Ontario’s standards of practice, set by Ontario Regulation 188/08 under the MBLAA, put three plain duties on a brokerage:

When a client is clearly sliding, the most protective move a broker can make is also the most ethical one. Slow down, document the suitability reasoning with extra care and be willing to conclude that the answer is no more debt.

make sure the mortgage suits the borrower’s circumstances, the suitability duty at section 24 of that regulation; disclose the material risks in writing; and obtain the borrower’s written acknowledgement of that disclosure. These are not paperwork for its own sake. They are the broker’s evidence that the borrower was a real, informed participant in the decision. The regulator’s own supervision work says I am not imagining the pattern. FSRA reviewed 101 private mortgage transactions placed between April 2022 and March 2023 and found that about 65% had missing, incomplete or inconsistent documentation of the suitability assessment. Further, nearly half carried disclosure documents that answered specific requirements with the words “see commitment.” Those are not my numbers. They are the regulator’s, drawn from files that all closed. Every one of them is a file that cannot fully explain itself, sitting quietly until someone with standing reads it. (The findings are from FSRA’s supervision publication, “Better compliance needed to protect consumers when recommending private mortgages,” available on fsrao.ca.) A thin file does not prove misconduct: It removes the broker’s ability to disprove it, and inferences drawn after a collapse rarely favour the professional who arranged the loan. The protective habit is simple to state. Document the suitability reasoning in writing. Keep the disclosures signed and dated. Keep the communications. If the deal changes between proposal and closing, record why and confirm in writing that the borrower understood and agreed to the new shape of it. In the example provided, that one habit alone would have changed everything. THE THIRD-PARTY IN THE ROOM Many distressed-borrower files involve someone who is neither the broker nor the borrower. Call them the introducer. They bring the deal, speak for the

borrower, coordinate the professionals and sometimes effectively run the transaction. A broker is judged, after the fact, on whose interests the file actually served. Where, as in the example provided, the documented relationship runs through an introducer rather than the borrower and the borrower later has little recollection of the meeting, a reviewer begins to ask whether the borrower was ever truly the client. The answer is not to refuse introduced business, which is ordinary and legitimate: It is to make sure the borrower, not the introducer, is the person you advise, verify and document. A conflict of interest is not prohibited, but it must be disclosed, clearly and at the earliest opportunity, under the relationship and conflict provisions of O. Reg. 188/08, sections 26 and 27. On timing, FSRA’s own words are worth repeating: late-stage disclosure “may be perceived as disingenuous or outright misrepresentation.” A conflict disclosed on day one reads like candour in the file. The same conflict surfacing at closing reads like concealment, whatever the intent. WHEN THE BORROWER IS ALREADY SLIDING In the example provided, the borrower is by all appearances a high-quality borrower, entering the private lending market for the first time. The loss of her invested capital leaves her needing significant refinancing at the very moment she may be shut out of the conventional market. The conduct around a distressed borrower is read more harshly than the conduct around a comfortable one, and for a fair reason. A borrower in trouble is more vulnerable to a deal that solves a short-term problem while deepening the long-term one: A second mortgage to clear consumer debt, a refinance that strips equity to cover arrears, a consolidation that moves the weight around. These are sometimes the right answer and sometimes the beginning of the file I later have to investigate. Sliding, in law, is not the same as missing a payment. Insolvency, in the sense the Bankruptcy and Insolvency Act uses, is the inability to meet obligations generally as they come due (section 2). A borrower can

A Short FAQ for Brokers These questions sit on the broker’s side of the desk and have no home on the insolvencyreport.ca site, which is written for the borrower. Does a bad outcome for the borrower mean I am liable? No, not by itself. A loan can go badly for reasons that have nothing to do with how it was arranged. Liability turns on conduct at the time of placement: Was the mortgage suitable, was the risk disclosed, and can the file show it? A documented file that led to a bad outcome is a very different thing from a thin file that led to the same place. If a trustee calls about a former client, do I have to talk to them? Treat these calls seriously and get your own advice early. A trustee investigating a bankrupt’s affairs has statutory powers to compel records and examine people under oath. Cooperation is usually the right posture, but how and what you produce is a question for your own counsel and your errors and omissions insurer, who generally want to hear from you at the first letter, not the third.

meet that test while still current on every payment, fine on paper and already past the point where the numbers work. Seeing that gap is the marker that tells a careful broker to slow down. When a client is clearly sliding, the most protective move a broker can make is also the most ethical one. Slow down, document the suitability reasoning with extra care and be willing to conclude that the answer is no more debt. The file that shows a broker paused, asked the harder questions and declined to arrange a loan that no longer worked is a file that never troubles anyone. It is at this stage that a referral to a Licensed Insolvency Trustee may be wise. If the borrower is arguably insolvent, the early entry of an insolvency expert may correct a downward spiral before it ends in bankruptcy. Adding more, and larger, private loans to undo the damage can make the bad outcome all but certain. THE CALM BOTTOM LINE The eye that reads your file later is drawn by a gap, and gaps are made of missing documents and unexplained changes. Most of the gaps I see are made by haste, and the regulator’s numbers say they are not getting rarer. A few are made by design, and those files end worst for everyone in them — the borrower first. The defence against both is the same, unglamorous and entirely within a broker’s control. Know the borrower, not just the introducer. Confirm suitability in writing. Keep the disclosures signed. Record why a deal changed if it changes. In the example provided above, the moment the collateral quietly grew was the moment a documented conversation could have stopped the file cold. The broker who insists on that conversation is often the last professional able to catch drift before it reaches title. Do those things and the file that crosses my desk years later answers its own questions. That is what keeps a mortgage broker a witness and never a defendant. Paul Franchi, JD, MBA, CIRP, LIT, is the founder of TheInsolvencyReport.ca. He’s based in Toronto.

CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 43

legal

NO PAPER, NO PROBLEM?

ORAL TRUSTS AND INFORMAL PROPERTY ARRANGEMENTS IN ONTARIO BY DANIEL KUHNREICH AND MATTHEW GAROFALO nformal property arrangements between family members — such as one person holding title because a relative cannot qualify for a mortgage — are more common than many people think. These deals often rest on verbal understandings. While they may work smoothly for years, disputes can arise when circumstances change. In Meehan v Swartzentruber [1], the Ontario Superior Court of Justice addressed exactly this scenario — and its decision offers important guidance on how courts may protect informal trust arrangements over real property, even without a written agreement.

THE FACTS In 2012, Mr. Meehan wanted to buy a residential property but could not qualify for a mortgage. He asked his brother-in-law, Mr. Swartzentruber, to take title on his behalf. The agreement of purchase and sale was amended to show Mr. Swartzentruber as the buyer. A $47,000 down payment was provided by Mr. Meehan’s parents and presented to the lender as a “gift” to Mr. Swartzentruber, who also signed on as mortgagor. Mr. Meehan lived in the home and paid all ongoing costs (mortgage payments, taxes, insurance, utilities, etc.) and made improvements at his own expense. In 2017, following the death of Mr. Swartzentruber’s wife (Mr. Meehan’s sister), Mr. Swartzentruber no longer wished to hold title. The property was briefly transferred to friends of Mr. Meehan under a similar arrangement. In 2018, at Mr. Meehan’s request, the property was transferred back to Mr. Swartzentruber, who this time funded the $42,512.03 down payment himself, with an understanding that he would be repaid with interest. To satisfy lender requirements, the parties signed a tenancy agreement portraying Mr. Meehan as a conventional tenant. However, Mr. Meehan continued to pay all property expenses — often exceeding the stated “rent” — and made substantial improvements without seeking permission. The parties’ text messages in 2023 reflected ongoing discussions about transferring ownership to Mr. Meehan or his children. In August 2024, Mr. Swartzentruber reversed course, claiming sole ownership and announcing his intention to sell and keep the equity. Litigation followed.

44 I SUMMER 2026 CMBA-ACHC.CA CMB MAGAZINE

THE COURT’S ANALYSIS Mr. Meehan applied for a declaration that Mr. Swartzentruber held the property in trust for him. Justice R.B. Reid found that the facts during both periods of ownership — Mr. Meehan’s payment of all costs, his improvements to the property, his continuous residence, and the parties’ communications — strongly supported his claim to beneficial ownership. The Court first considered whether a “bare trust” (a type of express trust) had been created. While the parties had capacity, shared a clear intention, and had identified the property and beneficiary, the arrangement failed on formalities: section 11 of Ontario’s Statute of Frauds [2] requires that trusts in land be in writing, and the agreement here was purely oral. The Court then turned to the doctrine of constructive trust — a trust imposed by law to give effect to the parties’ intentions. Citing the Supreme Court of Canada in Soulos v Korkontzilas [3], Justice Reid explained that constructive trusts are not limited to cases

of unjust enrichment. They also serve a “perfectionary” function: ensuring that stated intentions are fulfilled. Put simply, a constructive trust can hold people to their word. Crucially, the Court applied the principle that the Statute of Frauds cannot be used as an “instrument of fraud.” As the Supreme Court held in Pahara v Pahara [4], a person who accepts title knowing it is held in trust cannot later rely on the absence of writing to deny the trust and keep the property. The Court declared a constructive trust: Mr. Meehan was the beneficial owner, entitled to conveyance on demand. However, the order was conditional — Mr. Meehan was required to reimburse Mr. Swartzentruber for the $42,512.03 down payment plus interest at the rate earned on Mr. Swartzentruber’s investment portfolio since August 2018, as well as any other costs or debts arising from ownership. Having reached this conclusion, the Court found it unnecessary to consider Mr. Meehan’s alternative claim based on unjust enrichment.

ADOBESTOCK

The party claiming beneficial ownership must show credible evidence of the original common understanding and that the titleholder knew at the time of conveyance that the property was to be held in trust.

KEY TAKEAWAYS This decision carries practical lessons for anyone involved in informal property arrangements. Verbal agreements about property ownership can be legally enforceable where one party has relied on them over many years. Courts may look beyond documentary formalities — such as tenancy agreements prepared for lender purposes — to the substance of the parties’ actual arrangement. That said, constructive trusts are not automatic. The party claiming beneficial ownership must show credible evidence of the original common understanding and that the titleholder knew at the time of conveyance that the property was to be held in trust. The absence of written documentation increases risk — what begins as a family favour can become a contested legal dispute. A written trust agreement recording each party’s rights and obligations remains the strongest protection. REFERENCES [1] Meehan v Swartzentruber, 2026 ONSC 736. [2] Statute of Frauds, RSO 1990, c S-19, s 11. [3] Soulos v Korkontzilas, [1997] 2 SCR 217. [4] Pahara v Pahara, [1946] SCR 89. All information and opinions contained in this article are for general information purposes only and do not constitute legal or any other type of professional advice. This article is republished with the permission of Gardiner Roberts LLP, a fullservice law firm based in Toronto. Its authors are Daniel Kuhnreich, an associate in the Commercial Real Estate Group, and Matthew Garofalo, a University of Ottawa law student. For more, visit grllp.com/profile/DanielKuhnreich. CMB MAGAZINE CMBA-ACHC.CA SUMMER 2026 I 45

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