A mortgage brokerage receives an inquiry from FSRA regarding a client complaint. The brokerage's Principal Broker is currently on an approved leave. Which individual is legally responsible for ensuring the brokerage promptly and adequately responds to FSRA's request in the Principal Broker's absence?

Question: A mortgage brokerage receives an inquiry from FSRA regarding a client complaint. The brokerage's Principal Broker is currently on an approved leave. Which individual is legally responsible for ensuring the brokerage promptly and adequately responds to FSRA's request in the Principal Broker's absence?

Answer options: ✅ The individual designated by the Principal Broker as their temporary replacement, as long as that individual is also a licensed Principal Broker.

• Any licensed mortgage agent within the brokerage who has been granted signing authority for such matters.
• The owner or director of the corporation, regardless of their licensing status.
• The most senior unlicensed administrative staff member, as per internal policy.

Correct answer: The individual designated by the Principal Broker as their temporary replacement, as long as that individual is also a licensed Principal Broker.

Explanation: FSRA Rule 2021-002 (Mortgage Brokerage Requirements) requires a mortgage brokerage to designate an alternate Principal Broker who is also a licensed Principal Broker to carry out the duties in the primary Principal Broker's absence. This ensures continuity of responsibility and compliance with regulatory obligations even when the primary PB is unavailable.