FAAN Mortgage engaged to manage administration duties

FAAN Mortgage engaged to manage administration duties

FAAN Mortgage Administrators Inc. (“FAAN Mortgage”) has been engaged by Building & Development Mortgages Canada Inc. (“BDMC”), in consultation with the Financial Services Commission of Ontario (“FSCO”), to assume responsibility for the management of all BDMC’s mortgage administration duties in respect of the syndicated loans for which BDMC acts as Administrator under Ontario’s Mortgage Brokerages, Lenders, and Administrators Act, 2006

FAAN Mortgage’s engagement is part of a settlement between BDMC and FSCO  relating to the regulation of syndicated mortgage loans for real estate development projects involving Fortress Real Developments Inc. (Fortress Real Developments Inc. is not a mortgage broker or administrator and is not party to the settlement.)

FAAN Mortgage will be managing BDMC’s administration duties in respect of all the syndicated mortgage loans currently administered by BDMC. The administration duties to be managed by FAAN Mortgage include (i) remitting and collecting funds to and from borrowers; (ii) remitting payments to lenders; (iii) reviewing and communicating with lenders regarding any borrower requests for an extension to the dates established in the syndicated mortgage loan, including completion dates and payment dates; (iv) reviewing and communicating with lenders regarding any borrower requests for a subordination of a syndicated mortgage loan to construction lien financing; and, (v) if necessary, taking enforcement action where a syndicated mortgage loan is in default.  Notwithstanding this, lenders will continue to deal with BDMC’s employees on a day to day basis, with FAAN Mortgage’s oversight.

BDMC’s website related to mortgage administration functions will continue to operate under the oversight of FAAN Mortgage.  You may continue to access BDMC’s website at www.bdmc.ca.

For additional information regarding FAAN Mortgage please visit its website at www.faanmortgageadmin.com.

The websites will be updated periodically and we recommend that you check the websites frequently.  In due course, the BDMC website will also have a link that will permit you to log in and access specific updates and review documents pertaining to the syndicated mortgage loan that is the subject of your loan and the related development project.

FAAN Mortgage can be contacted directly at info@faanmortgageadmin.com or 1-833-495-3338.