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chapter 2 of mortgage broker course correctly answered
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chapter 2 of mortgage broker course correctly answered
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chapter 2 of mortgage broker courseMisleading Lenders
What do mortgage brokers have to do when providing information about potential mortgagors?
When providing information about potential mortgagors to lending institutions, mortgage brokers must
be conscientious in not
providing false or misleading information about borrowers.
What is the mortgage brokers act and the mortgage brokers act regulations
The Mortgage Brokers Act (the "Act") and the Mortgage Brokers Act Regulations (the "Regulations") are
provincial statutes that regulate the conduct of all persons who deal in mortgages in British Columbia.
What is the Business practices and Consumer protection act?
the Business Practices and Consumer Protection Act contains provisions governing mortgage broker
conduct.
What does a registrar have to do under the business practices and consumer protections act?
Under the Act, the "registrar" has the powers, and must discharge the duties conferred or imposed on
the
registrar by the Act. In other words, the registrar is responsible for the administration of the Act.
What does is the registrar of mortgage brokers?
,The Registrar
of Mortgage Brokers (the "Registrar") within the Financial Institutions Commission (FICOM) fulfils the
duty of
the registrar as provided for in the Act
What is FICOM?
FICOM is an agency of the provincial government that administers a
number of statutes and regulations
Where does FICOMS provincal regulatory jurisdiction extend to?
FICOM's provincial regulatory jurisdiction extends to credit unions and
trust companies, insurance, pensions, mortgage brokerage and real estate.
What does section 3 of the mortgage brokers act require?
Section 3 of the Act requires mortgage brokers and submortgage brokers to be registered in the
mortgage
broker register, which is maintained by the Registrar
What does the registrar of the mortgage brokers act do?
The Registrar periodically publishes Information
Bulletins that clarify how the Act and Regulations will be interpreted in practice
What is the purpose of the mortgage brokers act?
The purpose of the Act is to protect the public
,The purpose of the Act is to protect the public
What is number 1 of the purpose of the business and consumer protection act
1.) ensuring that those offering mortgage brokerage services meet certain minimum reasonable
competency requirements in order to obtain registration
What is number 2 of the purpose of the business and consumer protection act
setting out certain standards to ensure that mortgage brokers and submortgage brokers conduct
What is number 3 of the purpose of the business and consumer protection act
establishing a registrar to administer the Act
What are some ways in which a registrar may adminster the business and consumer protection act?
investigating complaints, and providing for disciplinary powers in the case of a contravention of the Act
or the
Regulations
How would a registrar exercise his administrative powers?
the methods include the freezing of trust funds, suspension or cancellation of registration and
other administrative penalties.
, How would the business and consumer protection act fulfill the 3 key objectives?
In order to fulfil these three key objectives, the Act sets out a registration system for individuals involved
in
mortgage brokerage activities.
what two types of persons require legislation under the act?
Section 1 of the Act defines two types of persons that require registration under the Act: mortgage
brokers
and submortgage brokers.
who can be registered as a mortgage broker?
An individual, a corporation, firm, partnership, association, or syndicate or unincorporated organization
may be registered as a mortgage broker
Who can be registered as a mortgage broker?
only an individual
What does section 3 of the registration act include?
it includes the granting of registrations, investigating
complaints, and providing for disciplinary powers in the case of a contravention of the Act or the
Regulations,
In the letter a.) of section 1 of the mortgage brokers act, what does a mortgage broker do?
carries on a business of lending money secured in whole or in part by mortgages, whether the
money is the mortgage broker's own or that of another person;
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