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B.C. broker fined $50K over phoney mortgage applications

Former submortgage broker Ravinder Biln created fake income records to land clients mortgages they were otherwise not entitled to.
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Mortgage brokers are regulated by the B.C. Financial Services Authority

The B.C. Financial Services Authority has ordered a former submortgage broker to pay a $50,000 administrative fine for falsifying five mortgage applications for her clients.

Ravinder Biln, also known as Ravinder Kaur, admitted to the regulator that she falsified income and employment information for her clients, in order to obtain mortgages for them.

“Between September 2017 and June 2018, Ms. Biln created income documents in support of mortgage applications when she knew that the information contained in the documents was inaccurate and misleading,” stated the July 14, 2023 consent order published online Aug. 2.

Biln created fake pay stubs, letters of employment and tax documents such as T4, and then submitted them to Scotiabank and Coast Capital Savings Credit Union.

At the time of the violations, Biln worked for Architects Kraft Mortgages Canada in Surrey.

Biln had been registered as a submortgage broker — in B.C., an individual employed by a mortgage broker — since 2012 but has been unlicensed since March 3, 2020. The consent order said she has no intention to return to the industry.

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