Mortgage Assistant Assessment

Name

Phone

What does GDS (Gross Debt Service) ratio measure?

Total monthly debt payments vs gross income Housing-related costs vs gross income Down payment vs loan amount Loan amount vs property value

List three key documents a mortgage assistant must collect from a mortgage applicant.

What is the minimum credit score for a prime mortgage in Canada?

500 600 650 680

A client submits an application but forgets their employment letter. What do you do?

Which law protects client information in Canada?

CRA Act PIPEDA RESPA AMLA

Client is pre-approved, but rates rise before final approval. How do you explain the change?

What is the maximum TDS ratio allowed for insured mortgages in Canada?

32% 39% 44% 50%

How would you organize and label client files for compliance and audit readiness?

What is the minimum down payment required for a home under $500,000?

10% 5% 20% 15%

How would you explain the difference between fixed-rate and variable-rate mortgages to a first-time buyer?

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