Licensing and disclosure
Who we are
Lendmax Inc. is licensed by the Financial Services Regulatory Authority of Ontario (FSRA) as a mortgage brokerage, licence 13398, and as a mortgage administrator, licence 13001. Lendmax Capital is the name it trades under and the name on this website. The brokerage licence number links to its record on FSRA's public register, where either licence can be checked.
The principal broker is Michael Squeo, CEO and Principal Broker, who is responsible for the brokerage's compliance and for every mortgage agent who works on your file.
Lendmax Capital MIC is an affiliated arm of Lendmax Inc., lending under its own licensing both to borrowers directly and to mortgage brokers placing a file on behalf of their own client.
An affiliated lender, and what that means for you
Because Lendmax Capital MIC is affiliated with Lendmax Inc., a mortgage arranged by the brokerage may be funded by a related company. That is a conflict of interest and it is treated as one: where a Lendmax-affiliated lender is being recommended to you, the relationship is disclosed to you in writing before you sign, in the same disclosure statement that carries the rate, the term and every fee.
You are never obliged to take it. If another lender offers you better terms you are free to take them, and asking us to keep looking costs you nothing.
Provincial licensing
Mortgage brokering in Canada is regulated province by province. Lendmax Inc.'s licences are Ontario licences issued by FSRA. Every individual who advises you on a mortgage holds a current licence in the province where the property is located — in Ontario that is FSRA; elsewhere, for example, the BC Financial Services Authority (BCFSA) or the Real Estate Council of Alberta (RECA). Product availability and the enforcement process differ between provinces, and we will tell you which rules apply to your file.
How we are paid
On standard residential mortgages placed with institutional lenders, the lender pays the brokerage a finder's fee when your mortgage funds. There is no cost to you and the rate quoted to you is not increased to cover it.
On alternative and private mortgages a broker fee may apply. Where a fee applies, it is disclosed to you in writing, in advance, in the mandatory disclosure statement your province requires — including the amount, who pays it, and how it is calculated. You will never be charged a fee you have not seen and signed for.
Your disclosure statement
Before you sign a mortgage commitment we provide the written disclosure your province requires. It sets out the lender, the principal amount, the interest rate, the term, the payment, all fees and charges, the annual percentage rate, and any conflict of interest. Read it. Ask questions about anything that is not clear, and do not sign until you are satisfied.
Complaints
If something has gone wrong, tell us first — call 888 350 0202 or email hello@lendmax.ca and ask for the principal broker, Michael Squeo. If we cannot resolve it, you have the right to complain to the mortgage regulator in your province — in Ontario, FSRA — and we will give you their contact details on request.