GTA real estate agent deemed ‘not suitable’ for mortgage licence in Ontario

An Ontario real estate agent hit a roadblock when applying for his mortgage licence.

The Financial Services Regulatory Authority of Ontario (FSRA), which regulates mortgage licences, says real estate salesperson, Dewan Ahmed, applied for a mortgage licence in October last year.

But Ahmed, who appears to be based in Richmond Hill, was deemed “not suitable” for a mortgage agent license, according to a press release from the regulatory body.

The FSRA alleges Ahmed made a false statement or has provided false information on the application for the licence, and Ahmed’s past conduct suggests  he “will not deal or trade in mortgages in accordance with the law and with integrity and honesty.”

They are proposing to refuse to issue a mortgage agent licence to Ahmed but he has requested a hearing before the Financial Services Tribunal.

The FSRA alleges Ahmed answered no to questions regarding disciplinary proceedings and criminal charges.

The Real Estate Council of Ontario fined Ahmed $7,000 for an ethics violation, according to a council decision statement.

Ahmed entered a home for sale with clients without the seller’s knowledge in March 2017.

He and the clients had been at the property the day before and Ahmed returned using the same lock-box code. The sellers returned home to discover Ahmed and his clients inside the property.

He was also facing charges in connection to a domestic violence case when he made the application. Those charges were withdrawn but not before Ahmed made the application.

For more information on this case, visit the FSRA website here.