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Practice of Mortgage Brokerage - Chapter 1 Exam Questions and Answers
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Practice of Mortgage Brokerage - Chapter 1 Exam Questions and Answers
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Practice of Mortgage Brokerage - Chapter 1Mortgage Brokerage Use Growth - Answer 1995 - In Canada, brokers originated 5% of residential mortgage
2007 - brokers originated 35% of residential mortgages
Mortgage Associate - Answer 1. mortgage transaction facilitators
2. protect interests of the borrower
3. maintain interests of the lender
4. uses knowledge and experience in an ethical manner that demonstrates complete trustworthiness and professionalism
Mortgage Broker - Answer 1. employs mortgage associates
2. legally responsible for the operation of the brokerage house and the actions of its associates
Mortage Banker - Answer 1. pools funds from various investors
2. lend this money out for mortgage investments
3. must be licensed under the Loan and Trust Act
Roles of Mortgage Associate - Answer 1. Professional Interviewer
2. Communicator/liaison
3. Financial analyst
4. Appraiser
5. Mathematician (must be accurate to one-eighth of a percent as required by the Fair Trading Act disclosure statement)
6. Lawyer (ensure compliance with the Real Estate Act of Alberta)
7. Negotiator
8. Salesperson (selling your own expertise)
Four Skill Areas - Answer 1. Real Estate
2. Rules and Regulations (Real Estate Act the Fair Trading Act and RECA's Rules and Regulations)
3. Types of mortgages (Mortgage - provide security in the lending of money)
4. Types of lenders
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