Mortgage Broker Licensing Practice Exam · Question
Under OSFI's B-20 guideline, the qualifying rate for an uninsured mortgage is the GREATER of:
OSFI's stress test for uninsured mortgages uses the GREATER of the contract rate +2% or the minimum qualifying rate (currently 5.25%).
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Question: Under OSFI's B-20 guideline, the qualifying rate for an uninsured mortgage is the GREATER of:
Answer options:
- The contract rate, or 4.00% ✅ The contract rate plus 2%, or 5.25% (the minimum qualifying rate)
- The Bank of Canada policy rate, or 6%
- 5-year posted rate at the borrower's bank only
Correct answer: The contract rate plus 2%, or 5.25% (the minimum qualifying rate)
Explanation: OSFI's stress test for uninsured mortgages uses the GREATER of the contract rate +2% or the minimum qualifying rate (currently 5.25%).
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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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