Podcast
Questions and Answers
What form should be used to submit an application to private lenders not equipped to receive applications electronically?
What form should be used to submit an application to private lenders not equipped to receive applications electronically?
- Form 1.2
- Standard application
- Form 2
- Form 1 - Investor/Lender Disclosure Statement for Brokered Transactions (correct)
What happens if the lender agrees to issue a commitment letter in less than two days?
What happens if the lender agrees to issue a commitment letter in less than two days?
- The waiting period is waived
- The waiting period is extended to three days
- The waiting period is reduced to one day (correct)
- The waiting period remains two days
What should be done if the lender is not listed on the dropdown menu of the software platform or is a private lender?
What should be done if the lender is not listed on the dropdown menu of the software platform or is a private lender?
- Submit electronically without the credit report
- Delay the submission of the application
- Consult with a lawyer
- Explain the credit history and any discrepancies to the lender (correct)
What should be done before submitting an application package?
What should be done before submitting an application package?
What should be done to speed up the response time from the lender if something in the application needs attention?
What should be done to speed up the response time from the lender if something in the application needs attention?
How should the application be submitted if the lender is set up electronically?
How should the application be submitted if the lender is set up electronically?
What should be provided to the private investor as part of the disclosure requirements?
What should be provided to the private investor as part of the disclosure requirements?
Who cannot be the administrator for a private lender?
Who cannot be the administrator for a private lender?
After receiving the commitment letter, what should be validated?
After receiving the commitment letter, what should be validated?
What does MBLAA specify about disclosures to the borrower?
What does MBLAA specify about disclosures to the borrower?
What must be disclosed to the borrower if the information provided is based on estimated values?
What must be disclosed to the borrower if the information provided is based on estimated values?
What is a typical condition for a private lender?
What is a typical condition for a private lender?
What is important during the step of supporting closing of the transaction?
What is important during the step of supporting closing of the transaction?
What form must be used when disclosing information to investors and lenders for private mortgages?
What form must be used when disclosing information to investors and lenders for private mortgages?
What must be included in every transaction with a private lender/investor according to FSRA?
What must be included in every transaction with a private lender/investor according to FSRA?
What is typically handled by the lawyer as part of the closing process?
What is typically handled by the lawyer as part of the closing process?
When must the client consent in writing to receive disclosures electronically?
When must the client consent in writing to receive disclosures electronically?
What must be submitted to the brokerage for auditing and payment after closing?
What must be submitted to the brokerage for auditing and payment after closing?
"Interest Reserve" refers to what concept in private lending?
"Interest Reserve" refers to what concept in private lending?
What is required to be considered self-employed according to the text?
What is required to be considered self-employed according to the text?
What is the most accurate indicator of the borrower's ability and willingness to repay according to lenders?
What is the most accurate indicator of the borrower's ability and willingness to repay according to lenders?
What is the purpose of a credit report according to the text?
What is the purpose of a credit report according to the text?
What is necessary when dealing with private mortgages, according to the text?
What is necessary when dealing with private mortgages, according to the text?
How do many private lenders determine borrower eligibility instead of looking at GDS/TDS, according to the text?
How do many private lenders determine borrower eligibility instead of looking at GDS/TDS, according to the text?
What should be checked when selecting a lender and preparing the application according to the text?
What should be checked when selecting a lender and preparing the application according to the text?
What is the obligation of a mortgage agent who works for both the borrower and the lender, according to the text?
What is the obligation of a mortgage agent who works for both the borrower and the lender, according to the text?
What must be documented in the client file after discussing the service agreement according to the text?
What must be documented in the client file after discussing the service agreement according to the text?
What should not be submitted to the lender if there are inconsistencies or irregularities according to the text?
What should not be submitted to the lender if there are inconsistencies or irregularities according to the text?
What type of information is a private lender likely to ask for during the mortgage application process?
What type of information is a private lender likely to ask for during the mortgage application process?
Why might a private lender request a limited-restricted appraisal for a property?
Why might a private lender request a limited-restricted appraisal for a property?
What action might a mortgage agent take to verify a borrower's income when dealing with a private lender?
What action might a mortgage agent take to verify a borrower's income when dealing with a private lender?
Why is it especially important for a mortgage agent to record the details of income verification when dealing with a private lender?
Why is it especially important for a mortgage agent to record the details of income verification when dealing with a private lender?
What is one factor that mortgage lenders want to know about a borrower's income?
What is one factor that mortgage lenders want to know about a borrower's income?
Why might it be important for a borrower to have 20% saved for a down payment when seeking a mortgage?
Why might it be important for a borrower to have 20% saved for a down payment when seeking a mortgage?
What does 'RRSP' stand for in the context of mortgage documentation?
What does 'RRSP' stand for in the context of mortgage documentation?
What might be one reason why a private lender is more interested in income stability when compared to traditional mortgage lenders?
What might be one reason why a private lender is more interested in income stability when compared to traditional mortgage lenders?
Which document might be used to gather necessary information for a mortgage application?
Which document might be used to gather necessary information for a mortgage application?
Why is it important for a borrower to disclose their timeline for acquiring the mortgage?
Why is it important for a borrower to disclose their timeline for acquiring the mortgage?
