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Underwriting Updates

Pineapple works with over 40 lenders plus the big banks. Get lender updates, rate announcements, and more from our dedicated Underwriting Department.

Pineapple Rate Sheet

Click here to access the current rates.

Lender Promos

CMLS Promo

Please note that CMLS is throwing you a FASTBALL and not a curveball…for a LIMITED TIME ONLY, NEW BUSINESS ONLY CMLS has a FASTBALL promotion for a 90 Day Close. Please click here to learn more.

Industry Updates

MCAN Home (Formerly XMC)

Please see this message from MCAN – We are excited to announce that we have launched our broker portal for document uploads. In order to encourage everyone to use the portal, we will give a discount of 5 bps off rate for any deal submitted in April.  You must upload MLS/APS on a purchase or any document on a switch or Alternative deal when you submit the deal to get the extra 5 bps. Take advantage as very easy to do so.  We spent a lot of time making the portal and it is part of our commitment to you for a great experience with MCAN Home.

MCAP

RENTAL PREMIUM – Premium has been decreased to 10 bps from 35 bps

SAFEGUARD – 2ND mortgage behind MCAP/RMG – 5 year 30 year AM current rate at 3.24% or P-0.9%

CASHBACK – Give your clients peace of mind with the 1, 2, 3, or 5% cashback offers on insured and insurable loans  

VALUE FLEX – For those rate sensitive clients (insurable/insured loans) – the 2:1 rate buydown feature is a big sell – current rate 2.64%

TRANSFERS – *OPPORTUNITIES* Discuss with your existing clients & see who may benefit from today’s low rates (if the mortgage was taken out 2-3 years ago it may be in their best interest to refi for a lower rate)

ECLIPSE – Deals count towards your target, great promotions throughout the year

TD Broker Services

Effective April 11, 2022, TD is making changes to the Rental Properties Policy to remain competitive while keeping within TD’s risk appetite. The following modifications will apply to TD Mortgages and TD Home Equity FlexLine products for rental applications:
• Allow the use of Market Rents up to 80% loan-to-value (LTV) in all regions for purchase transactions only, and up to a maximum of two rental properties where market rents are being used. The maximum of two properties’ rents does not apply to owner occupied rental properties.

• LTV for refinance transactions is restricted to 65% when market rents are used. This applies to all regions. • For customers buying or refinancing a rental property but do not own their primary residence, the net worth requirement must be confirmed for a minimum of 90 days prior to approval. Note: assets do not need to be at TD.

• In addition, net worth requirement is applicable to each borrower who does not own their primary residence.

What you need to do

• Familiarize yourself with the policy so you can set appropriate expectations with your customers. Additional Information

• The Broker Information Kit, Section 4.15: Rental Properties will be updated with this information.
Contact

If you have any questions, please contact your Regional or Inside Sales Manager.

BDM Updates

Jina McInerney is no longer with MERIX Financial – Mike Mourtos, Director, Ontario Sales, will be temporarily covering Jina’s portfolio.

Mike’s contact information:

1-888-637-4920 ext. 4349 | 613-324-5831
mike.mourtos@merixfinancial.com

Essentials

Watch this video on how to submit an inquiry to UW. Click here to watch

Read our Spring Market Report to understand your opportunities. Click here to read

Don’t forget to follow up with your clients and create/log your tasks!

MyPineapple Tasks

Figuring Out Penalties

Emerson takes us through figuring out penalties.

What You’ll Learn

  • The difference between 3 months’ interest and the Interest Rate Differential (IRD).
  • Walks us through a real-life case study and shares how to calculate these payments.

The New Underwriting Process

Emerson shares a high-level overview of the updated underwriting process. 

What You’ll Learn

  • The new 9 step process for submitting your deal.
  • The importance of having your docs before submitting them to underwriting.
  • The new timelines that have been implemented into the Underwriting Process.

Utilizing Equity In Your Home

Emerson takes us through utilizing the equity in your home. Equity is the difference between the value of your home and how much you owe on your mortgage.

What You’ll Learn

  • There are two ways to build equity, the first is paying down the mortgage and the second is an increase in the property’s value.
  • How to use the equity in your home. He then goes through a real-life case study.

Mortgage Switch / Transfers

Emerson Munsayac takes us through Switches ve Transfers. He kicks off the meeting by explaining that a switch/transfer is when a client decides to move their mortgage from one lender to another.

What You’ll Learn

  • The difference between a mortgage switch and transfer.
  • How to utilize the calculators within our PineappleDOS system