The Private Mortgage Lenders Forum
The Private Mortgage Lenders Forum (PMLF) is a committed association of industry members providing the private mortgage lending industry with leadership in the areas of compliance, standards of excellence, education, information and networking. The organization began in 2010 and has actively been engaged in working within and out of its industry to ensure the health and benefits of its members, regulators and the public. Its members are composed of 22 companies all registered as Mortgage Investment Entities and represent more than $1 billion of lending within the Canadian real estate market.
The mandate of the group is:
The Private Mortgage Lenders Forum (PMLF) will provide leadership in the areas of compliance, standards of excellence, education, information and networking. In addition the mandate of the Forum will be to promote ethical, professional and consistent industry practices that will foster a healthy and sustainable industry.
The following is a list of the objectives of the group: Forum Objectives
- Create a forum that will allow industry members to openly discuss industry related issues;
- Develop best practices for the industry;
- To work with provincial and federal regulators to develop legislation, rules and regulations that will:
- Protect Canadian investors, consumers and borrowers from unfair, improper and fraudulent practices;
- Promote best practices for transparent and reliable disclosure; and
- Ensure the health and vitality of the private mortgage lending industry for the benefit of all Canadians.
- Assist members in understanding and adhering the regulatory requirements of registration in their particular situation and jurisdiction;
- Create effective communications for politicians, consumers and other industries practitioners, regarding the private mortgage lending industry by identifying the benefits and value provided to Canadians, the economy and the real estate industry;
- Advocating for the health and vitality of the Private Mortgage Lending industry and Canadian economy.
Code of Conduct
The Private Mortgage Lenders Forum has an approved Code of Conduct that all members must follow to actively participate in the organization.
The Private Mortgage Lenders Forum - Terms of Reference document outlines the mission, mandate and objects of the PMLF with references to eligibility, benefits, nomination process and procedures.
To become a member of The Private Mortgage Lenders Forum companies must comply with the following:
- Agree to the Code of Conduct;
- Agree to the Terms of Reference of the group;
- Be compliance with the Real Estate Act, Securities Act, Business Corporations Act and Privacy Act in the Provinces in which it operates; and
- Participate in the objectives of the organization.