Mortgage Broker Licensing Practice Exam · Question
A 'private lender' arranged by a mortgage broker is typically:
Private lenders include individual investors and MICs that lend their own capital, typically for short terms (6–24 months) at higher rates to borrowers who do n
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Question: A 'private lender' arranged by a mortgage broker is typically:
Answer options:
- A Schedule I bank acting under private branding ✅ An individual or MIC (Mortgage Investment Corporation) lending its own funds, usually at higher rates and shorter terms
- A credit union
- A monoline lender funded by securitization
Correct answer: An individual or MIC (Mortgage Investment Corporation) lending its own funds, usually at higher rates and shorter terms
Explanation: Private lenders include individual investors and MICs that lend their own capital, typically for short terms (6–24 months) at higher rates to borrowers who do not meet A or B lender criteria.
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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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