AMPC Designation Practice Questions - Accredited Mortgage Professional Of Canada Designation Exam

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For a conventional uninsured mortgage application, what is the current OSFI qualifying rate (stress test) used by federally regulated financial institutions?

The contract rate itself. The greater of the mortgage contract rate plus 2% or 4.79%. The greater of the Bank of Canada overnight rate plus 2% or 5.25%. The greater of the mortgage contract rate plus 2% or 5.25%.

Correct Answer:

The greater of the mortgage contract rate plus 2% or 5.25%.

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