Mortgage Agent Licensing Practice Exam · Question
Upon receiving a mortgage commitment from a lender, how soon must a mortgage agent generally provide a copy of this commitment to their client, according to good disclosure practices?
Mortgage agents are required to provide the client with a copy of the mortgage commitment as soon as practicable after receiving it from the lender, and importa
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Question: Upon receiving a mortgage commitment from a lender, how soon must a mortgage agent generally provide a copy of this commitment to their client, according to good disclosure practices?
Answer options:
- Within 24 hours of receiving it.
- At the time of mortgage funding.
- Only if specifically requested by the client. ✅ As soon as practicable after receiving it and before the client is legally bound.
Correct answer: As soon as practicable after receiving it and before the client is legally bound.
Explanation: Mortgage agents are required to provide the client with a copy of the mortgage commitment as soon as practicable after receiving it from the lender, and importantly, before the client signs or is otherwise legally bound by the commitment. This ensures the client has adequate time to review and understand the terms.
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Question explanations
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- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
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