BC submortgage broker fined $55,000 for operating without a licence

Makkar was first registered as a submortgage broker in October 2013. In October 2021, she renewed her registration under Centum Mortgage Solution (1183335 B.C. Ltd.) in British Columbia.

On or about January 23, 2023, Centum Mortgage Solutions shut down operations and terminated its brokerage licence. Two days later, BCFSA notified Makkar by email that she was “no longer a registered submortgage broker to conduct mortgage business in BC.”

Despite that notification, Makkar continued to arrange mortgages and hold herself out as a mortgage broker until December 2023, a period of nearly 11 months.

During that time, she arranged 10 mortgages across properties in Surrey, Burnaby, Maple Ridge, Langley, and Chilliwack, collecting approximately $61,000 in broker fees. The largest single transaction involved a $2.5 million mortgage on a Surrey property, for which she received $19,000.

Makkar cooperated with BCFSA’s investigation and self-reported additional transactions beyond those initially under review. The consent order notes that during her interview with BCFSA, she self-reported that she had arranged other mortgages and subsequently provided supporting documentation.