Mortgage Broker Licensing Practice Exam · Question
Total Debt Service (TDS) ratio under CMHC's standard guideline is generally capped at:
CMHC's standard TDS cap is 40%; up to 44% may be allowed for borrowers with stronger credit profiles.
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Question: Total Debt Service (TDS) ratio under CMHC's standard guideline is generally capped at:
Answer options:
- 32%
- 39% ✅ 40% (44% for stronger credit)
- 50%
Correct answer: 40% (44% for stronger credit)
Explanation: CMHC's standard TDS cap is 40%; up to 44% may be allowed for borrowers with stronger 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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