Mortgage Broker Licensing Practice Exam · Question
What is the mortgage stress test (qualifying rate) under OSFI's Guideline B-20?
Since June 2021, federally regulated lenders must qualify borrowers at the greater of the contract rate +2% or 5.25% (OSFI minimum qualifying rate).
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Question: What is the mortgage stress test (qualifying rate) under OSFI's Guideline B-20?
Answer options:
- The contract rate ✅ The greater of the contract rate plus 2% or the Bank of Canada benchmark
- The 5-year posted rate of the Big Six banks
- The Bank of Canada overnight rate plus 1%
Correct answer: The greater of the contract rate plus 2% or the Bank of Canada benchmark
Explanation: Since June 2021, federally regulated lenders must qualify borrowers at the greater of the contract rate +2% or 5.25% (OSFI minimum qualifying rate).
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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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