Protecting Homeowners from Unnecessary Financial Stress

Mortgage professionals in Ontario should note that the Homeowner Protection Act, effective June 6, 2024, has rendered Notices of Security Interest (NOSIs) for consumer goods, such as water heaters, expired. FSRA advises mortgage agents and brokers to inform clients about these expired NOSIs to prevent unnecessary payments and financial stress. Homeowners with NOSIs registered before this date may need to consult a lawyer to remove them from the Land Titles System. FSRA aims to ensure financial safety and fairness for consumers.