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Practice of Mortgage Brokerage - Chapter 6 questions with verified solutions
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Practice of Mortgage Brokerage - Chapter 6 questions with verified solutions
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Practice of Mortgage Brokerage -Chapter 6
Borrower Qualification/Eligibility/Underwriting - correct answer ✔✔Associates and real estate
salespersons do this informally, lenders formally qualify borrowers
Underwriting Criteria - correct answer ✔✔1. property standards
2. mortgage criteria (LTV, insurance premiums, types of mortgages require, etc)
3. credit analysis (history with credit and repayment)
4. borrower qualification (can they afford the property if rates change)
Property Standards - correct answer ✔✔Real Property Report
Certificate of Compliance
Title Insurance
OR for new homes:
National Building Codes
Alberta New Home Warranty
National Home Warranty (PAFCO)
OR for rural properties:
Wells, water storage tans, septic tanks
Potability certificates
Home Inspections
OR for condominiums:
Condo fees, AGM minutes, Condo by-laws, Engineer's report, Condo tenant ratio, financial statements,
mgmt company, reserve fund, other
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