Mortgage Broker Lisa is collecting personal financial information, including credit reports and income documents, from a client, Mr. Singh, for a mortgage application in Montreal. After Mr. Singh decides not to proceed with the application, how long is Lisa generally required to retain this personal information?

Question: Mortgage Broker Lisa is collecting personal financial information, including credit reports and income documents, from a client, Mr. Singh, for a mortgage application in Montreal. After Mr. Singh decides not to proceed with the application, how long is Lisa generally required to retain this personal information?

Answer options:

• Lisa must shred all documents immediately as the client did not proceed. ✅ Lisa must retain the records for a minimum of six years, as per provincial record-keeping and privacy regulations.
• Lisa must retain the records for two years, as is standard practice for incomplete applications.
• Lisa can retain the records indefinitely for future marketing purposes, provided she has a privacy policy.

Correct answer: Lisa must retain the records for a minimum of six years, as per provincial record-keeping and privacy regulations.

Explanation: Mortgage brokers are typically required to retain client records, including personal financial information collected for applications, for a minimum period (e.g., six years in Ontario and BC) even if the deal does not close, to comply with provincial regulatory record-keeping and privacy standards under Acts like MBLAA.