Podcast
Questions and Answers
What does APR stand for?
What does APR stand for?
- Actual Percentage Rate (correct)
- Annual Percentage Ratio
- Average Percentage Rate
- Accumulated Percentage Rate
When must the borrower disclosure be given to the borrower?
When must the borrower disclosure be given to the borrower?
- 1 week before entering the mortgage
- 24 hours before entering the mortgage
- 72 hours before entering the mortgage
- 2 business days before entering the mortgage (correct)
What does PST on a default premium need to be included in?
What does PST on a default premium need to be included in?
- Added to the APR calculation
- Included in the cost of borrowing (correct)
- Considered as an upfront fee
- Excluded from the cost of borrowing
Which information must be included in a borrower disclosure form?
Which information must be included in a borrower disclosure form?
What is required for waiving the two business days timing requirement for providing disclosure to a borrower?
What is required for waiving the two business days timing requirement for providing disclosure to a borrower?
What specific costs must be included when calculating the cost of borrowing?
What specific costs must be included when calculating the cost of borrowing?
What must be disclosed to the borrower according to the text?
What must be disclosed to the borrower according to the text?
Is it required to include the insurance fee in the cost of borrowing if the mortgage is default insured by CMHC?
Is it required to include the insurance fee in the cost of borrowing if the mortgage is default insured by CMHC?
What should be disclosed in the borrower disclosure document according to the text?
What should be disclosed in the borrower disclosure document according to the text?
Is it necessary to provide an exact dollar amount in the cost of borrowing if the cost is unknown?
Is it necessary to provide an exact dollar amount in the cost of borrowing if the cost is unknown?
Are lawyer's fees, excluding disbursements, part of the cost of borrowing?
Are lawyer's fees, excluding disbursements, part of the cost of borrowing?
In a borrower disclosure document, should it state 'refer to the lender’s commitment' regarding terms and conditions?
In a borrower disclosure document, should it state 'refer to the lender’s commitment' regarding terms and conditions?
How should the cost of borrowing be expressed in a borrower disclosure form?
How should the cost of borrowing be expressed in a borrower disclosure form?
In what cases is a potential conflict of interest present according to the text?
In what cases is a potential conflict of interest present according to the text?
How should an unknown cost be disclosed?
How should an unknown cost be disclosed?
Who is responsible for paying the lawyer's fees in the majority of cases mentioned in the text?
Who is responsible for paying the lawyer's fees in the majority of cases mentioned in the text?
Under what circumstances does a brokerage have to disclose the name of any lender used to fund over 50% of the mortgages?
Under what circumstances does a brokerage have to disclose the name of any lender used to fund over 50% of the mortgages?
For which costs is the borrower responsible when required by the lender according to the text?
For which costs is the borrower responsible when required by the lender according to the text?
What information must a brokerage disclose to a borrower upon request, according to Regulation 188/08?
What information must a brokerage disclose to a borrower upon request, according to Regulation 188/08?
Which relationship can a brokerage have with a borrower, as mentioned in the text?
Which relationship can a brokerage have with a borrower, as mentioned in the text?
How are brokerage fees regulated according to the MBLAA?
How are brokerage fees regulated according to the MBLAA?
Which legislation prohibits the cost of borrowing from exceeding 60% APR?
Which legislation prohibits the cost of borrowing from exceeding 60% APR?
What specific information must be disclosed to a borrower regarding mortgages arranged by a brokerage in the previous fiscal year?
What specific information must be disclosed to a borrower regarding mortgages arranged by a brokerage in the previous fiscal year?
Which component is included in the cost of borrowing that should not exceed 60% APR?
Which component is included in the cost of borrowing that should not exceed 60% APR?
Flashcards are hidden until you start studying
