Mortgage Broker Licensing Practice Exam · Question
A mortgage broker is advising a client with a Beacon Score of 580. Which of the following mortgage products is MOST likely to be accessible to this client?
A Beacon Score of 580 typically falls below the acceptable thresholds for prime A-lenders, making sub-prime or B-lender mortgages the most viable option for cli
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Question: A mortgage broker is advising a client with a Beacon Score of 580. Which of the following mortgage products is MOST likely to be accessible to this client?
Answer options:
- Prime A-lender insured mortgage
- Prime A-lender uninsured mortgage ✅ Sub-prime or B-lender mortgage
- Institutional commercial mortgage
Correct answer: Sub-prime or B-lender mortgage
Explanation: A Beacon Score of 580 typically falls below the acceptable thresholds for prime A-lenders, making sub-prime or B-lender mortgages the most viable option for clients with weaker credit profiles.
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Question explanations
- What is the typical time frame for a mortgage agent to provide the required disclosure statement to a client?
- Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
- Ontario mortgage agents must complete which of the following at each licence renewal?
- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
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