Mortgage Brokering Chapter 1: Market
overview
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
overview
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
