Ontario Mortgage Agent Practice Exam 2025 - Free Mortgage Agent Practice Questions and Study Guide

The correct answer regarding the timing requirements of providing disclosure to a borrower emphasizes the need for written communication that is clear and easily understandable. Ensuring that disclosures are written in plain language is crucial, as it helps borrowers fully grasp the terms and implications of the mortgage agreement. This clarity helps to protect the interests of the borrower, ensuring that they have a strong understanding of their obligations and rights.

Additionally, obtaining written consent from the borrower is essential as it confirms that the borrower acknowledges and agrees to the terms laid out in the disclosures. This requirement not only fosters transparency in the lending process but also reinforces the importance of informed consent in the borrower-lender relationship.

While the timing of disclosures is also important, the focus on clear communication and written consent directly addresses the foundational aspect of the borrower’s understanding and agreement with the mortgage process. Other options may touch on aspects of disclosure or borrower awareness but do not reflect the fundamental necessity for clear, written disclosure along with consent in the context of a mortgage agent’s obligations.