Mortgage Broker Licensing Practice Exam · Question
Which institution is the federal regulator of Canada's banks and federally regulated insurers and lenders?
OSFI (Office of the Superintendent of Financial Institutions) regulates federally regulated banks, insurers and trust companies and sets prudential rules like G
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Question: Which institution is the federal regulator of Canada's banks and federally regulated insurers and lenders?
Answer options:
- FCAC
- CDIC ✅ OSFI
- FINTRAC
Correct answer: OSFI
Explanation: OSFI (Office of the Superintendent of Financial Institutions) regulates federally regulated banks, insurers and trust companies and sets prudential rules like Guideline B-20.
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Related Questions
- 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?
- What is a 'material change' in relation to a client's mortgage application?
- Ethical behavior for a mortgage broker includes:
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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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