The defendant mortgagor brought a motion challenging various fees and charges levied by the plaintiff mortgagee upon the payout of a defaulted mortgage.
The defendant argued that the plaintiff failed to provide proper notice of renewal or expiry under the Mortgage Brokerages, Lenders and Administrators Act, 2006, reneged on a renewal agreement, and charged exorbitant fees, including late payment, administrative/NSF, and legal fees, as well as double interest.
The court dismissed the defendant's motion, finding that the Mortgage Brokerages, Lenders and Administrators Act, 2006 did not apply to the lender, no renewal agreement was breached, and all charges were permissible under the mortgage terms and relevant legislation, including the Mortgages Act and Interest Act.
