A so-called unregistered "shadow" mortgage broker responsible for securing more than half a billion dollars' worth of home financing through the use of altered tax and bank documents says there will always be a demand for the services of people with his skills. He is estimated to have earned $6 million in fees related to 900 deals fronted by registered mortgage brokers in the decade before regulators raided his offices in 2018. (Belluxe Photography)Chaudhary worked as an accountant and was also licensed as a real estate agent before registering as a mortgage broker in January 2007. He said he received referrals from real estate agents and developers, and he paid the real estate agents a quarter of the roughly one per cent commission the banks would pay. "So then I decided to get into this business again, but this time just using the help of other mortgage brokers to send my applications."

Source: CBC News February 25, 2021 00:31 UTC