Mortgage Broker Licensing Practice Exam · Question
A 'B lender' in Canada typically serves:
B (alternative) lenders specialize in near-prime borrowers — bruised credit, self-employed BFS income — typically charging higher rates and a lender fee, often
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Question: A 'B lender' in Canada typically serves:
Answer options:
- Prime, fully employed salaried borrowers ✅ Borrowers with bruised credit, self-employed or non-traditional income, at slightly higher rates and fees
- Only commercial real estate developers
- Reverse mortgage seniors only
Correct answer: Borrowers with bruised credit, self-employed or non-traditional income, at slightly higher rates and fees
Explanation: B (alternative) lenders specialize in near-prime borrowers — bruised credit, self-employed BFS income — typically charging higher rates and a lender fee, often via mortgage brokers.
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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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Other Canadian certifications candidates often prepare for alongside this one.