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Mortgage Brokering Chapter 1: Market overview updated already passed
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Mortgage Brokering Chapter 1: Marketoverview
Which entity regulates mortgage brokering in Ontario? - correct answer ✔✔The answer is FSRA (The
Financial Services Regulatory Authority of Ontario)
What legislation governs the activities of mortgage brokering in Ontario? - correct answer ✔✔The
Mortgage brokerages, Lenders and Administration Act of 2006 (MBLAA) also known as "MBLAA" or "The
Act"
What are the main differences between a mortgage agent and a mortgage broker? - correct answer
✔✔The main difference is that a mortgage broker can also be the chief compliance officer, which is
known as a principal broker of a brokerage.
What are the typical activities of a mortgage agent/broker? - correct answer ✔✔1. brokering a new
mortgage, collateral mortgage, line of credit
2. Refinancing of an existing mortgage
3. Arranging investments in a mortgage with one or more people
4. Providing mortgage advice and council.
What is the difference between a commission and brokerage fee? - correct answer ✔✔1. A commission
is paid by the brokerage by a institutional lender.
2. A brokerage fee is a fee charged by the brokerage to the borrower for a private mortgage.
What is the difference between an independent contractor and employee? - correct answer ✔✔an
employee has to:
1. Work exclusively for the payer
2. Works exclusively for the payer
3. Payer provides tools
4. Payer controls duties, whether that control is used or not
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