Alberta Mortgage Associate case studies
Alberta Mortgage Associate · Put your knowledge to work in context.
The Alberta Mortgage Associate credential is a licence category administered within Alberta's real estate industry regulatory framework by the Real Estate Council of Alberta (RECA). RECA describes itself as Alberta's real estate regulator and states that it sets and enforces professional standards for real estate (rural, residential, property management, commercial), mortgage, and condominium management, helping licensees understand their obligations, manage risk, and practice with confidence. The Alberta Mortgage Associate case studies are 5 cases and about 2,719 words.
1Prepayment Penalty Disclosure on a Bridge Refinance
A borrower in Calgary holds a closed five-year fixed mortgage at 5.9% with 26 months remaining and an outstanding balance of 412,000. She wants to refinance into a lower-rate product to consolidate 38,000 of credit card debt.
583 words, about 3 min2Referral Fee From a Private Lender
A broker in Edmonton has a client whose bank declined financing because of a thin credit file and a 12-month work history. The broker places the client with a private lender at 11.5% with a two-year term and a 2% lender fee.
525 words, about 3 min3Client Asks the Broker to Inflate Income
A self-employed borrower in Red Deer reports net income of 61,000 on his most recent Notice of Assessment but claims 24,000 in cash jobs that 'never hit the bank.' He asks the broker to state income of 85,000 on the application because 'everyone does it' and the bank 'will never check.' The broker knows the lender requires two years of NOAs plus business bank statements for self-employed applicants, and that the stated income must be supportable by documentation. The borrower's down payment is 45,000, of which $20,000 is a gift from his parents with no signed gift letter yet.
553 words, about 3 min4Dual Agency With a Family Member Buyer
A broker's brokerage has listed a townhouse in Lethbridge for a seller client at 389,000. The broker's cousin wants to buy it and asks the broker to represent him as well, saying 'you know the seller, just get us a deal.' The seller has told the broker privately that he would accept 365,000 but wants to hold at 389,000 for now.
520 words, about 3 min5Renewal Advice When the Client Cannot Qualify
A borrower in Medicine Hat has a 298,000 mortgage coming up for renewal in 60 days. His income dropped when he moved from salaried to contract work eight months ago, and his current lender's renewal offer is at 6.8% - well above the 5.2% he sees advertised.
538 words, about 3 min