The Ontario regulator imposed financial penalties and moved to revoke a mortgage administrator licence
The Financial Services Regulatory Authority of Ontario (FSRA) has moved to revoke the mortgage administrator licence of 2748204 Ontario Inc., operating as Flex Home Loans, and to bar owner‑director Michael Yosher from continuing a controversial run in the province’s private lending space.
Under a March 5 order, Flex Home Loans’ administrator licence is set to be revoked effective June 3, 2026, following a 90‑day compliance period.
During that window, the firm is required to stop taking new administration business, help investors move to licensed administrators or self‑administer their loans, and report every 30 days on the transfer of affected files.
As of January 23, 2026, the company was still administering 38 mortgages with a total value of $1,183,580 for 17 investors, according to settlement documents.
Large volume of unlicensed loans and gaps in disclosure
FSRA records showed that in 2020 and 2021, Flex Home Loans, acting through Yosher, advanced about 244 mortgage loans to members of the public and registered those loans on title while it was not licensed or exempt under the Act.
“The total value of the 244 Mortgages was $7,633,709.60, with individual mortgage amounts ranging from $30,999 to $45,000.”
No licensed brokerage took part in arranging those mortgages. Borrowers did not receive written disclosure of material risks or conflicts, and no mortgage suitability assessment was completed by a licensee under the Act.
FSRA concluded enforcement action against Forest City Living and two licensed individuals over unsuitable, high‑interest mortgages that pushed a family into distress. https://t.co/SpTcMM57nS
— Canadian Mortgage Professional Magazine (@CMPmagazine) March 27, 2026
Flex Home Loans admitted that by “carrying on business as a mortgage lender in Ontario while not being licensed or exempt,” it breached subsection 4(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006, while Yosher admitted breaching subsections 45(1) and 45(2) by making false declarations in licence renewal forms.
“In his 2022 and 2023 mortgage agent licence renewal applications, Yosher declared that he was not currently a defendant in any civil proceedings,” even though he has been named in several active actions, some related to mortgage transactions.
He later told FSRA that he believed he did not need to disclose those proceedings in his personal renewal filings, even as he reported them in Flex Home Loans’ annual information returns.
Enforcement reflects wider scrutiny of private lending
FSRA issued the orders as part of a settlement that also imposed an $8,000 administrative penalty on Yosher and required both parties to cease and desist from mortgage lending other than through licensed or exempt entities.
The action arrived amid a broader crackdown on private‑market conduct. The regulator initiated 100 enforcement actions in 2024-25, up from 65 a year earlier, and imposed about $1.2 million in administrative monetary penalties, most of them in mortgage brokering.
“Enforcement is critical to FSRA’s mandate to protect consumers, promote high business standards, and deter fraud and misconduct in regulated sectors,” Elissa Sinha, director of litigation and enforcement, said in the report.
She added that FSRA’s goal is “to stop problems early, prevent harm, and discourage future misconduct.”
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