Final answer:
Mortgage Brokers/Agents are required to notify FSRA of any contact information changes or if they are no longer authorized to act for a Mortgage Brokerage. The failure to do so in a timely manner can result in penalties which might include fines or suspension, depending on the FSRA's regulations and policies.
Step-by-step explanation:
When a Mortgage Broker/Agent must notify the Financial Services Regulatory Authority of Ontario (FSRA) of changes to their mailing address, e-mail address, telephone or fax number, or changes in their authorization to act on behalf of a Mortgage Brokerage, late notifications may lead to consequences. However, the exact penalties or actions taken for late notifications are not standardized and can vary based on jurisdiction and the specific policies of the FSRA. It is crucial for Mortgage Brokers/Agents to promptly update their information to avoid potential penalties, which might include fines or suspension of license.