Mortgage Agent Licensing Practice Exam · Question
Which entity is responsible for setting and enforcing the B-20 guidelines for federally regulated financial institutions in Canada?
The Office of the Superintendent of Financial Institutions (OSFI) is the primary regulator for all federally regulated financial institutions in Canada. It's OS
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Question: Which entity is responsible for setting and enforcing the B-20 guidelines for federally regulated financial institutions in Canada?
Answer options: ✅ Office of the Superintendent of Financial Institutions (OSFI)
- Canada Mortgage and Housing Corporation (CMHC)
- Financial Services Regulatory Authority of Ontario (FSRA)
- Bank of Canada
Correct answer: Office of the Superintendent of Financial Institutions (OSFI)
Explanation: The Office of the Superintendent of Financial Institutions (OSFI) is the primary regulator for all federally regulated financial institutions in Canada. It's OSFI that develops and enforces guidelines like B-20 to ensure the stability and soundness of the financial system.
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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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