Ontario Mortgage Industry Chapter 1

<p>Brokering new mortgages and refinancing existing ones. (C)</p> Signup and view all the answers

<p>Commissions are paid by lenders, while brokerage fees are charged to borrowers. (B)</p> Signup and view all the answers

<p>As the chief compliance officer and supervisor of mortgage agents. (A)</p> Signup and view all the answers

<p>New mortgages, lines of credit, and any loans secured by real property. (A)</p> Signup and view all the answers

<p>The borrower seeking a mortgage. (C)</p> Signup and view all the answers

<p>Sets own working hours (B)</p> Signup and view all the answers

<p>Free expert advice for borrowers (D)</p> Signup and view all the answers

<p>Ensuring compliance with regulations (D)</p> Signup and view all the answers

<p>Institutional lenders (D)</p> Signup and view all the answers

<p>Uses only one lender for transactions (C)</p> Signup and view all the answers

<p>Guaranteed vacation pay (C)</p> Signup and view all the answers

<p>Via commissions paid by lenders (A)</p> Signup and view all the answers

<p>Licensing agents and connecting them with lenders (C)</p> Signup and view all the answers

<p>Often an individual investor seeking higher returns (B)</p> Signup and view all the answers

<p>To assess and recommend suitable mortgage products (B)</p> Signup and view all the answers

<p>Their license becomes invalid until reconnected with a brokerage (A)</p> Signup and view all the answers

<p>Provided vacation pay and benefits (C)</p> Signup and view all the answers

<p>Mortgage agents are compensated by lenders, so their advice is free for borrowers (D)</p> Signup and view all the answers

<p>They can only use products from their employer's lender. (C)</p> Signup and view all the answers

<p>Providing training and support for agents and brokers. (C)</p> Signup and view all the answers

<p>To determine the market value of a property. (B)</p> Signup and view all the answers

<p>Mortgage Default Insurance. (C)</p> Signup and view all the answers

<p>Removal of the 6% interest cap by the Bank Act. (C)</p> Signup and view all the answers

<p>The ability of a borrower to repay during financial strain. (C)</p> Signup and view all the answers

<p>It caters to borrowers who do not qualify for conventional loans. (C)</p> Signup and view all the answers

<p>Real Estate Salesperson. (A)</p> Signup and view all the answers

<p>Licensed Ontario Land Surveyor. (D)</p> Signup and view all the answers

<p>Creating legal Agreements of Purchase and Sale. (B)</p> Signup and view all the answers

<p>Title Insurance. (A)</p> Signup and view all the answers

<p>Advising on the condition of a property. (D)</p> Signup and view all the answers

<p>An insurer offering policies to pay off mortgages in case of borrower death. (D)</p> Signup and view all the answers

The entity that regulates mortgage brokering in Ontario is the FSRA.

The principal legislation governing mortgage brokering in Ontario is the MBLAA.

A mortgage broker can supervise agents and be the compliance officer, unlike a mortgage agent.

Mortgage agents/brokers broker mortgages, refinance loans, and provide advice.

A commission is paid to the brokerage by a lender, usually institutional.

A brokerage fee is charged to the borrower by the brokerage, especially for private mortgages.

A principal broker is the chief compliance officer responsible for overseeing a brokerage.

Mortgage agents/brokers handle new mortgages, refinancing, and investment arrangements.

A mortgage originator employed by a specific lender with limited product access.

A professional responsible for generating business from brokerages for a lender.

An individual who brokers transactions between buyers and sellers in real estate.

A professional who determines the market value of a property for financing.

A qualified individual who assesses a home's condition for potential buyers.

An insurer that provides policies for high ratio mortgages against default.

A professional who creates maps detailing land boundaries and features.

A professional who handles legal aspects of real estate transactions.

An insurer providing policies that cover mortgage payments in case of borrower's death.

An insurer that protects against losses related to property title issues.

An entity that services mortgage loans on behalf of lenders.

A market catering to borrowers who do not qualify for standard loans.

A test assessing a borrower's ability to handle interest rate increases.

Legislation that allowed banks to lend on residential mortgages with interest caps.

Changed the Bank Act to remove the interest cap, enabling banks to dominate mortgage market.

A licensed entity that brokers mortgages for clients.

A worker who completes tasks without employer control.

A worker with specific duties set by an employer.

The chief compliance officer for a mortgage brokerage.

Lenders like banks and credit unions providing most mortgages.

An individual investor who provides mortgage funds.

The borrower pledging property as security for a loan.

A licensed professional who brokers loans for clients.

Payment received by mortgage agents from lenders.

Institutions' teams that seek out potential borrowers.

Employer-provided perks for employees, such as health plans.

The process by which an independent contractor requests payment.

The entity or person providing payment for services.

Discounted interest rates offered by lenders temporarily.

Informed guidance provided for mortgage decisions by agents.