Mortgage Broker Licensing Practice Exam · Question
The Total Debt Service (TDS) ratio differs from GDS because it ALSO includes:
TDS adds all other monthly debt obligations (loans, cards, LOC, etc.) on top of housing costs used in GDS.
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Question: The Total Debt Service (TDS) ratio differs from GDS because it ALSO includes:
Answer options:
- Only utility bills ✅ Other monthly debt obligations such as loans, credit cards and lines of credit
- Future planned purchases
- Lifestyle expenses such as groceries
Correct answer: Other monthly debt obligations such as loans, credit cards and lines of credit
Explanation: TDS adds all other monthly debt obligations (loans, cards, LOC, etc.) on top of housing costs used in GDS.
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Related Questions
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- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
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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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