FSRA strips Ontario broker of licence over seniors mortgage failures
Kelman had held his mortgage broker licence continuously since at least July 1, 2008. QC Mortgage, incorporated as 13648486 Canada Inc., had been licensed as a brokerage only since July 22, 2024 — its licence was revoked by a separate order dated July 23.
The case behind the order
The violations at issue did not originate with QC Mortgage but with a prior firm. Between May and November 2022, Kelman served as principal broker and sole director of The Mortgage Maven Inc. (Mortgage Maven), a brokerage licensed since 2008 that surrendered its licence in November 2024.
Under Kelman’s supervision, agent Aid Almusri — licensed between September 2021 and March 2024, when FSRA refused to renew his licence — arranged four private mortgages for three clients.
All three borrowers were retired senior citizens, and each mortgage was secured against the borrower’s residential property.
The agreed facts, signed by the parties on July 20, state that neither Mortgage Maven nor Almusri took reasonable steps to determine whether the mortgages were suitable for the clients.
