A borrower questionnaire is the structured set of questions a broker or agent asks before recommending a mortgage. It covers identity, income, debts, down payment, the property and the borrower's goals. No government form is prescribed for it in Canada. What is expected is a consistent, written record that shows why the product you recommended suits this borrower. This guide sets out what the questionnaire should contain, why each question is there and how to keep it from becoming a paperwork bottleneck.
TL;DR
- There is no mandatory federal or provincial questionnaire form. Brokerages are expected to keep standardized records that justify the suitability of the mortgage they present.
- A good questionnaire has six blocks: identity, income, debts and credit, down payment and closing funds, the property, and goals.
- Every answer should be backed by a document, and figures should be cross-checked across documents, such as pay stubs against notices of assessment.
- The questionnaire feeds the GDS and TDS calculations lenders use, so incomplete answers slow the file down.
- Automating intake and data extraction cuts the retyping, so the questionnaire becomes a by-product of the file instead of a separate chore.
Table of Contents
- Why a borrower questionnaire matters
- There is no prescribed form, and that is the point
- The six blocks of a solid questionnaire
- How the answers feed GDS and TDS
- Common mistakes in borrower questionnaires
- Make the questionnaire easier for the borrower
- Perspective: the questionnaire should not be a second data entry job
- Where Autowrite fits
- Keeping the file clean after the questionnaire
- FAQ
- Sources
Why a borrower questionnaire matters
Borrowers often think the questions are a formality. For you, they are the foundation of three things: the lender submission, the suitability decision and your defence if the file is ever reviewed.
In Ontario, section 24 of O. Reg. 188/08 requires a brokerage to take reasonable steps to make sure any mortgage it presents is suitable based on the unique needs and circumstances of the client. The Financial Services Regulatory Authority of Ontario (FSRA) also looks at whether suitability assessments, and the oversight of them, are documented. Other provinces have their own regulators and rules, so check yours: BC brokers answer to BCFSA, for example.
There is also a plain-language reason. FSRA's fraud guidance states that a client's signature on disclosure documents is not enough to prove they were informed, and brokers are expected to keep detailed records of client discussions and the reasons behind their recommendations. A completed questionnaire, dated and kept with the file, is the natural place for those notes.
There is no prescribed form, and that is the point
FSRA states that there is no prescribed form for disclosures, consents or acknowledgements, and that disclosures must be made in writing, on paper or electronically. The same logic applies to the questionnaire: the format is yours to design, but the outcome is not optional.
That gives a brokerage owner a real job. Principal brokers use standardized documentation to audit agents during file reviews, so a questionnaire that varies by agent is a weakness. One template, used on every file, makes reviews faster and gaps easier to spot.
The six blocks of a solid questionnaire
Below is a structure that works for most residential files in Canada. Adapt it for purchases, refinances, renewals and self-employed borrowers.
1. Identity and background
The OSFI residential mortgage underwriting guideline (B-20) says the credit decision rests in part on the borrower's identity, background and demonstrated willingness to service their debt. Ask for:
- Full legal names as they appear on government photo ID, and any other names used
- Date of birth, current address and time at that address, plus previous addresses
- Citizenship or residency status
- Marital status and whether a spouse or partner will be on title or on the application
- Number of dependants
2. Employment and income
This block carries the most weight. Lenders typically ask for Canadian tax documents as proof of income, such as a proof of income statement, tax slips or a notice of assessment. Ask for:
- Employer name, address and phone, job title, start date and employment type (permanent, contract, probationary)
- Salary or hourly rate, guaranteed hours, and whether there is bonus, commission or overtime
- For salaried borrowers: recent pay stubs, a letter of employment and T4 slips
- For self-employed borrowers: two years of notices of assessment and T1 Generals, plus business registration and financial statements where relevant
- Other income: rental, pension, child benefits, investment income
Each answer should be tied to a document. If the borrower says they earn $92,000 and the notice of assessment shows line 15000 at a very different figure, that mismatch needs to be explained before the file goes anywhere. OSFI is explicit that due diligence means cross-referencing information to find inconsistencies, not just collecting paper.
Gig and variable earners need extra questions about how long the income has been stable. We cover that in our guide to gig income mortgages and 24 months of NOAs. Rental income has its own checklist, laid out in our rental income mortgage guide.
3. Debts, liabilities and credit
The Financial Consumer Agency of Canada (FCAC) advises borrowers to order their credit report before shopping for a mortgage and check it for errors. Your questionnaire should ask:
- Every credit card, line of credit, car loan, student loan and personal loan, with balance and monthly payment
- Support or alimony obligations
- Any missed payments, collections, consumer proposals or bankruptcies, and discharge dates
- Any co-signed debts
- Whether the borrower has checked their credit report recently
One caution for your own practice: a credit score is one indicator, not the decision. OSFI notes that it reflects past behaviour and does not capture immediate changes in a borrower's financial condition. Ask about what has changed recently, such as a job move, a new loan or a reduction in hours.
4. Down payment and closing funds
Lenders want to know where the money is coming from, and it needs a paper trail. Ask for:
- The amount of down payment and the source: savings, RRSP (Home Buyers' Plan), FHSA, sale of a property, gift, or a mix
- Whether any of it is a gift, and from whom. A gift letter is usually needed.
- Account balances and 90-day history on the statements that show the funds
- Whether closing costs (land transfer tax, legal fees, adjustments) are covered separately
- Whether the borrower expects to need insured financing
The federal government raised the insured mortgage price cap from $1 million to $1.5 million, effective December 15, 2024, and expanded 30-year amortizations for first-time buyers and buyers of new builds. Your questionnaire should capture the borrower's status on both, since they change the available structures.
5. The property
For a purchase or refinance, the lender needs to value the property. CMHC says your mortgage professional will ask a series of questions about the property to help establish its value. Typical questions:
- Address, legal description and property type (detached, semi, townhouse, condo, duplex)
- Purchase price or estimated value, and the purchase date for a refinance
- Lot size, heating type, year built and recent capital improvements
- Condo fees, property taxes and heating costs, since these go into the debt ratios
- Whether any part of the property is rented, and whether the borrower will live there
- For new builds: builder, deposit schedule and closing date
6. Goals, risk tolerance and priorities
This is where the suitability story lives. A rate-only conversation produces a weak file. Ask:
- How long the borrower expects to stay in the home
- Whether they may sell, move or refinance within the term
- How much payment variability they can tolerate
- Whether prepayment flexibility, portability or a lower penalty matters more than the lowest rate
- Plans such as a growing family, a career change or retirement within the amortization
Write down the answers in the borrower's own words where you can. If you later recommend a five-year fixed over a variable, that note is your rationale.
How the answers feed GDS and TDS
Every block above ends up in the debt service ratios. FCAC explains that lenders look at the Gross Debt Service ratio, which should ideally not exceed 39%, and the Total Debt Service ratio, which should not exceed 44%. Housing costs include mortgage payments, property taxes and 50% of condo fees, measured against gross household income.
A worked example shows why gaps hurt. If the questionnaire misses a $450 monthly car payment, the TDS number you give the lender is wrong, and the underwriter will find it in the credit bureau. You lose time, and perhaps credibility. Our walkthrough on how to calculate GDS and TDS ratios goes through the arithmetic step by step.
Common mistakes in borrower questionnaires
| Mistake | Why it hurts | Fix |
|---|---|---|
| Free-text answers with no structure | Hard to audit and hard to reuse | Use fixed fields with a notes box |
| Income stated but not matched to a document | Mismatches look like misrepresentation | Link each income line to the NOA, T4 or pay stub |
| Missing liabilities | Wrong TDS, late declines | Cross-check against the credit report |
| No record of why a product was chosen | Weak suitability file | Add a short rationale field |
| A different template per agent | Painful principal broker reviews | One brokerage-wide template |
| Sent as a long PDF by email | Borrowers abandon it | Short sections, mobile-friendly |
Make the questionnaire easier for the borrower
Most incomplete files are not caused by unwilling borrowers. They are caused by long forms and unclear requests. A few habits help:
- Split the questionnaire in two: a 10-minute core (identity, income, debts) and a follow-up for the property and funds.
- Tell the borrower which documents to have in hand before they start.
- Explain why you ask sensitive questions, such as past credit trouble. People answer more honestly when they know the question has a purpose.
- Confirm the answers back to them in writing, so any correction happens early.
- Keep digital access easy. If your brokerage runs its own site, a mortgage broker CRM and website setup can help you host intake pages and follow-ups.
For the document side, our five-step guide on organizing mortgage documents from lender requests to retention shows how to keep what the borrower sends in order.
Perspective: the questionnaire should not be a second data entry job
We build Autowrite for Canadian brokers, and the pattern we see is consistent. The questions themselves are rarely the problem. The time goes into the retyping: the borrower answers, then someone reads their NOA, T4 and bank statements, then enters the same figures again into a lender form, then again into the brokerage's records.
Our view is that the questionnaire and the documents should agree by construction. When intake classifies documents and extracts the data with line-level confidence, the figures that go into the questionnaire come from the source, and a mismatch shows up as a flag instead of a surprise at underwriting. Compliance is the same story: a file that is built consistently is a file you can defend, and the notes on suitability stay with the deal.
We also think Canadian specifics matter. NOAs, T4s, T1 Generals, provincial regulators and Canadian data residency are not details to patch on later. They are the shape of the work.
— Anant Bawa
Where Autowrite fits
Autowrite is an AI-powered operating system for Canadian mortgage brokers, agents and brokerage owners. It automates document intake, classification and data extraction, auto-fills underwriting forms, syncs with mortgage software, assembles e-sign and compliance packages, and supports income and down payment analysis. Data stays under Canadian data residency.
Plans are published on the pricing page: Starter at $99 per month, Pro at $199 per month and Legend at $399 per month. Enterprise has no published price. Additional deals cost $20 each, and pay as you go is $35 per deal. There is a 14-day free trial for licensed mortgage professionals. You can see the full product on the Autowrite homepage.
If your team is working out how documents turn into a compliant submission, our article on OSFI and FSRA ready underwriting packages lists the seven core documents.
Keeping the file clean after the questionnaire
The questionnaire is the start of the record, not all of it. Three habits keep a file defensible:
- Date everything. Rates, rules and borrower circumstances change. A dated answer shows what was true when you advised.
- Retain the documents with the answers. FSRA's guidance expects licensees to ensure documents are accurate and truthful. If something looks altered, our piece on document tampering questions for brokers explains what to check.
- Re-verify before submission. A borrower who changed jobs or took on a loan between pre-approval and submission changes the file. FCAC describes pre-approval as a process where the lender reviews your finances and likely runs a credit check, so what was true at pre-approval may not be true at closing.
FAQ
Is a borrower questionnaire required by law in Canada?
No specific form is prescribed. FSRA says there is no prescribed form for disclosures, but brokerages must still be able to show a mortgage was suitable for the client. In practice, a standardized questionnaire is how most brokerages meet that expectation.
What documents should a borrower have ready?
For most salaried borrowers: government photo ID, recent pay stubs, a letter of employment, T4 slips, notices of assessment, and bank statements for the down payment. Self-employed borrowers typically add two years of T1 Generals and business documents. Your lender may ask for more.
How is a questionnaire different from a mortgage application?
The questionnaire is your own intake: it captures the borrower's full situation and goals so you can recommend a product. The application is the lender's form, filled from that information. Good intake means you fill the application once, correctly.
Can first-time buyers fill it out themselves?
Yes, borrowers can complete the questionnaire themselves, and it helps if you share a checklist first. The licensed broker or agent still reviews the answers, checks them against documents and records the reasoning behind the recommendation.
Sources
- Mortgage Product Suitability Assessment, FSRA
- Detecting and Preventing Mortgage Fraud, FSRA
- Mortgage brokerage disclosure requirements, FSRA
- Residential mortgage underwriting practices and procedures, OSFI
- Mortgage industry consultation on an income verification tool, Canada Revenue Agency
- Preparing to get a mortgage, FCAC
- Getting preapproved for a mortgage, FCAC
- Government announces boldest mortgage reforms in decades, Department of Finance Canada
- Your Home Value, CMHC