Former B.C. mortgage specialist fined $50K for creating fake documents for clients

A former B.C. mortgage specialist has been fined $50,000 for creating and submitting fake employment and financial documents in five mortgage applications. 

Ravinder Biln, a submortgage broker who worked for Kraft Mortgages Canada Inc. located in Surrey, B.C., has been ordered to pay the fine by the professional association that regulates her industry, the B.C. Financial Services Authority (BCFSA) and by the Registrar of Mortgage Brokers. 

The penalty comes as part of an agreement she signed with the governing bodies, which contains details of her misconduct.

The written agreement — a "consent order" — was posted to the BCFSA website on Aug. 2. 

According to the document, Biln, who did business as "Ravinder Kaur," worked as a submortgage broker from 2012 to 2020. The misconduct, which the document described as against the public interest, took place between September 2017 and June 2018.

As part of the order, Biln agreed that she created fake documents on behalf of seven borrowers, including employment verification letters, pay stubs, and in one instance, a T4 tax slip. She then included these falsified documents in mortgage applications to banks and credit unions.

Some of the employment letters contained inaccurate start dates, which exaggerated how long her clients had been employed at their workplaces. In two instances, she created employment letters and pay stubs that suggested her clients worked at a specific company when, in fact, she knew they didn't.

"Ms. Biln created income documents in support of mortgage applications when she knew that the information contained in the documents was inaccurate and misleading," the consent order states. 

"She then submitted the false information to lenders for the purpose of obtaining mortgage financing in five separate mortgage applications."

In signing the consent order, Biln relinquished her right to a hearing of her case or an appeal. 

According to the BCFSA, she hasn't been licensed as a submortgage broker since March 2020 and doesn't plan to return to the industry.