Mortgage Agent Licensing Practice Exam · Question
Under the MBLAA, what is the primary regulatory body responsible for licensing and overseeing mortgage professionals in Ontario?
FSRA is the primary regulatory body responsible for the licensing and oversight of mortgage professionals and businesses in Ontario, as mandated by the Mortgage
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Question: Under the MBLAA, what is the primary regulatory body responsible for licensing and overseeing mortgage professionals in Ontario?
Answer options: ✅ Financial Services Regulatory Authority of Ontario (FSRA)
- Ontario Securities Commission (OSC)
- Canada Mortgage and Housing Corporation (CMHC)
- Office of the Superintendent of Financial Institutions (OSFI)
Correct answer: Financial Services Regulatory Authority of Ontario (FSRA)
Explanation: FSRA is the primary regulatory body responsible for the licensing and oversight of mortgage professionals and businesses in Ontario, as mandated by the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). This ensures consumer protection and maintains industry standards.
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Question explanations
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
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