FSRA Warns Consumers to Avoid Unlicensed Mortgage Broker in Ontario

TORONTO, Nov. 23, 2022 /CNW/ – The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers that Syed Nasir Hussain Zaidi (also known as Syed Nasir Zaidi Hussain) is not licensed to conduct mortgage business in Ontario. This unlicensed individual also operates through his sole proprietorships, QSAB Traders and Referral and Solutions.

FSRA logo (CNW Group/Financial Services Regulatory Authority of Ontario)

FSRA has learned that Syed Nasir Hussain Zaidi is soliciting mortgages using referrals from realtors and/or friends of consumers while presenting himself as a mortgage broker.

Syed Nasir Hussain Zaidi (or his sole proprietorships) requests deposits as down payments to secure financing to buy properties. Consumers are then presented with a false mortgage commitment, making them believe that financing is in place.

When the property purchase closing date approaches, consumers learn their deposits were not used for a down payment. This forces consumers to get mortgages from private lenders at higher interest rates and fees through Syed Nasir Hussain Zaidi.

FSRA encourages consumers to be careful if they are contacted by Syed Nasir Hussain Zaidi, his sole proprietorships or anyone claiming to be acting on their behalf. Consumers are also advised not to obtain mortgages arranged through Syed Nasir Hussain Zaidi.

If you have been a victim, consider contacting your local police department.

When working with a realtor who refers you to a mortgage broker, please ensure the mortgage broker is licensed by FSRA. FSRA licenses mortgage brokerages, brokers and agents to safeguard public confidence and trust in Ontario’s financial services. Consumers are encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage or administrator.

Consumers getting a mortgage through individuals or companies not licensed by FSRA are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations which govern Ontario’s licensed mortgage brokerages, brokers and agents.

Certain financial institutions and their mortgage professionals, such as banks, may be exempt from obtaining a mortgage broker or agent licence.

Learn more:

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness and choice for everyone.

Learn more at www.fsrao.ca

For public inquiries, please email contactcentre@fsrao.ca

For media inquiries:

Russ Courtney
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario

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