The applicant requested a hearing to review the Superintendent's proposal to revoke its mortgage brokerage licence and impose a $1,000 administrative monetary penalty for failing to maintain required errors and omissions insurance.
Prior to the hearing, the applicant surrendered its licence and consented to the $1,000 penalty, acknowledging that its real estate insurance through RECO did not cover mortgage services.
The Tribunal directed the Superintendent to impose the $1,000 penalty on consent.
