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Indian-origin broker banned in Canada over misleading lender filings
The regulator found Gursher Bains failed to verify borrower information and submitted falsified documents to lenders.
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Staff Reporter - Mon, 10, Aug 2026
- 04:19 EDT
- 18
MORTGAGE / FREEPIK
An Indian-origin former mortgage broker in Canada's British Columbia has been banned from returning to the profession after the provincial regulator found he submitted false or misleading information to lenders.
Gursher Singh Bains voluntarily terminated his registration with the B.C. Financial Services Authority (BCFSA) on Dec. 2, 2025, and signed a consent order with the regulator last month.
Under the agreement, Bains is ineligible to reapply for registration as a mortgage broker and must pay the BCFSA an administrative penalty of $25,000 within three months of signing the order. He must also pay $5,000 in investigation costs within the same period.
A redacted version of the consent order was published on the BCFSA website on Aug. 7.
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The BCFSA began investigating Bains after learning of a decision against him by the province's Civil Resolution Tribunal (CRT). The tribunal found that Bains had been negligent in handling a borrower's mortgage application, including by failing to tell the lender that the property involved was a manufactured mobile home.
In that case, the CRT ruled that Bains had been negligent in his handling of the borrowers' application, specifically by failing to disclose to the lender that the property in question was a manufactured mobile home.
Bains “submitted the application to the bank without having contacted the borrowers,” the consent order reads.
When the bank's appraisal revealed the property was a manufactured home — a type of property for which the lender did not provide financing — Bains told the borrowers there were no alternative financing options available before their closing date, according to the consent order.
The agreement notes that the borrowers ended up paying the sellers of the property an additional $5,000 to delay the closing, then secured alternative financing without the help of Bains.
After reviewing this case, the BCFSA expanded its investigation to include eight files Bains worked on between May 2022 and April 2024. The cases were “randomly selected,” according to the regulator, but all eight of them would be found to contain misleading — if not outright false — information.
Of the eight files the BCFSA reviewed, five involved applications Bains sent to lenders that included documents that were not “authentic” and overstated the prospective borrowers' incomes, assets or both, according to the consent order.
In each of the five cases, the document notes, Bains admitted to the regulator that he had not attempted to verify the information he included in the application.
One such case explained in the consent order involved an application for an “equity takeout” on a property in Surrey in June 2022.
In the consent order agreement, Bains acknowledged that he had “relied on referral sources or third parties to obtain borrower information and documentation,” had not independently verified such information and had not contacted borrowers directly in each of the transactions.
The consent order describes Bains' conduct as “prejudicial to the public interest” and lists four ways in which he violated the provincial Mortgage Brokers Act. He failed to deal with borrowers directly and he failed to take sufficient steps to verify the accuracy of income information and supporting documentation.
He also submitted misleading information and falsified documents to lenders, and he misled lenders with respect to borrowers' employment and intended use of properties when he knew or ought to have known the information was inaccurate.
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