Podcast
Questions and Answers
When is a mortgage brokerage not required to be licensed?
When is a mortgage brokerage not required to be licensed?
- When arranging mortgages and mortgage renewals
- When using mortgage brokerages to find borrowers (correct)
- When not including licensed title in public relations materials
- When advertising to the public
Under what circumstance must a brokerage disclose in writing the name of the lender?
Under what circumstance must a brokerage disclose in writing the name of the lender?
- When acting as the lender
- When receiving referral fees
- Upon request by the borrower (correct)
- After arranging more than 50% of mortgages
In what situation is a brokerage exempt from disclosing its role?
In what situation is a brokerage exempt from disclosing its role?
- When arranging more than 50% of mortgages
- When receiving referral fees
- When acting as the lender (correct)
- When using public relations materials
What is required if a Mortgage Brokerage is receiving referral fees for referring a borrower?
What is required if a Mortgage Brokerage is receiving referral fees for referring a borrower?
When must you include your licensed title in public relations materials?
When must you include your licensed title in public relations materials?
If a brokerage arranged less than 50% of mortgages, do they need to disclose the lender's name?
If a brokerage arranged less than 50% of mortgages, do they need to disclose the lender's name?
Which activities are regulated by the MBLAA in Ontario?
Which activities are regulated by the MBLAA in Ontario?
What does dealing in mortgages involve according to the MBLAA?
What does dealing in mortgages involve according to the MBLAA?
Which activity defines trading in mortgages under the MBLAA?
Which activity defines trading in mortgages under the MBLAA?
According to the MBLAA, what constitutes carrying on business as a lender in Ontario?
According to the MBLAA, what constitutes carrying on business as a lender in Ontario?
What is NOT considered part of dealing in mortgages under the MBLAA?
What is NOT considered part of dealing in mortgages under the MBLAA?
Who is required to have a license to lend private money in Ontario according to the MBLAA?
Who is required to have a license to lend private money in Ontario according to the MBLAA?
