Mortgage Broker Ordered to Pay $35,000 for Failing to Report Misleading Mortgage Applications Submitted on His Behalf
A mortgage broker engaged in unethical practices that compromised the integrity of the mortgage lending process when he allowed inaccurate documentation and misleading information in a mortgage application to be submitted by another individual using his Filogix account password. Filogix is a software platform that connects mortgage brokers and lenders.
In March 2020, Siavash Ahmadi, a registered submortgage broker, met with a prospective mortgage client, but after reviewing their documentation, determined the client would not qualify for a mortgage and declined to submit an application on their behalf. Shortly thereafter, while Ahmadi was travelling internationally, a mortgage application for the client was submitted by Ksenia Ivanova, via Ahmadi’s Filogix account. Ivanova and Ahmadi were in a relationship at the time. Upon returning from his trip, Ahmadi discovered the application had been submitted and approved, and that the application contained information and documentation that was inaccurate. Despite this, Ahmadi took no action to cancel the application or inform the lender of the inaccuracies contained in the application.
BCFSA determined that the inaccurate mortgage application information \was intended to present a more favourable financial picture to the lenders, thereby increasing the likelihood of loan approval. This action compromised the integrity of the lending process and put both the lenders and the borrowers at risk. Read more here.
These links are being provided as a convenience and for informational purposes only. They are not an endorsement or an approval by REALTYnuance© of any of the products, services or opinions. REALTYnuance© bears no responsibility for the accuracy, legality or content of the external site.
