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---------- Forwarded message ---------

From: Broker Conduct FSA:EX <brokerconduct@bcfsa.ca>

Date: Thu, Dec 17, 2020 at 11:56 AM

Subject: Industry Advisory - Arman Esmaili

To: anoop.bungay@mqcc.org <anoop.bungay@mqcc.org>

The Registrar of Mortgage Brokers (“Registrar”) has entered into a Consent Order with Mr. Arman Esmaili.

In the Consent Order, Mr. Esmaili agrees that, between 2015 and 2017, he conducted business in a manner prejudicial to the public interest, contrary to section 8(1)(i) of the Mortgage Brokers Act, by:

• • Facilitating the unregistered mortgage broker activities of Mr. Jay Chaudhary, by submitting or permitting 20 mortgage applications without taking instructions directly from or meeting with the borrowers;

  • Submitting or permitting 20 mortgage applications and supporting documents to lenders that he either knew or ought to have known were inaccurate, misleading or not genuine; and

  • Failed to disclose to the lender in a mortgage application to finance the purchase of one property that another submortgage broker submitted a refinancing application on the borrower’s other property to a different lender.

Mr. Esmaili agrees to the following penalties:

• • He is not eligible to apply and will never reapply, and the Registrar will not accept an application for registration from him under the Act; and

  • Pay partial investigation costs in the amount of $15,000.00.

For general mortgage broker inquiries, call 604-660-3555 or 866-206-3030 (toll free), or via email at brokerconduct@bcfsa.ca.

Office of the Registrar of Mortgage Brokers

BC Financial Services Authority

Phone: 604.660.3555 | Fax: 604.660.3365

2800 - 555 West Hastings Street | Vancouver, BC | V6B 4N6

Website: www.bcfsa.ca

Remember, with you file being in a "state of foreclosure" the scrutiny by ANY lender or investor (MQCC APPROVED™ or not) will be at least the "minimum standard required by regulators." And failure to follow the requirements "MIGHT" lead to a complaint as per the above case. Look at the red part. "NEVER REAPPLY" -- who uses the word "never"? See how strict regulators are in 2020? It will get more strict as time goes on.