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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.

Announcements

FSRA would like to remind Brokers and agents that they must provide adequate disclosure. This is to ensure consumers understand the risks and implications of a recommended mortgage, especially in the current uncertain market.

For training on how to create the disclosure document and fill it out go here and then to starting at the 35:30 mark:

For examples of what to put in “Material Risk” notes for the disclosure, go here and then to the “Related Tab”

Promos

First National:

20 Bps Extra Commission
For Insured Loans up to 95% and Insurable Loans up to 80%
Available for 5 Year Fixed and ARM Rate offerings

Special Rate
4.59% or P-0.90%

5-year term Insured and Insurable up to 65%

  • Available for purchases and transfers
  • New business only 
  • Includes pre-approvals committed on or after August 2nd that convert to a live deal
  • New Pre-Approvals along with requests committed prior to August 2nd are not eligible
  • Owner-occupied properties and rentals up to 4 units
  • Minimum 5-year fixed term or ARM product
  • 120-day commitment period (if closing extends beyond 120 days from the commitment date the special will not apply)

Note:

  • This promotion cannot be used in conjunction with any other promotions currently being offered
  • This offer is for a limited time only and may be withdrawn at any time without notice

Desjardins:

What’s new?

  • Refinance conventional owner-occupied mortgage $750,000 and over as low as[1] – applicable to new applications submitted on or after 2022-07-22 – subject to eligibility[1]
  • 5-year closed fixed 5.19%[1]  commission paying 110 bps
  • 5-year reduced variable P – 0.50%[1]  commission paying 110 bps
  • 5 year protected variable P – 0.30%[1]  // ceiling (payment) rate 5.59%[1]  commission paying 110 bps
  • Desjardins Prime rate : 4.70%
  • Versatile line of credit with linked mortgages P + 0.35%[1]
  • Refinance cashback promo up to $1,200[1]
  • New Desjardins Consent and Gift letter
  • Compare our Mortgages | Desjardins

Rate guarantee reminders:

  • The rate guarantee cannot exceed the rate sheet bulletin eligibility.
  • All mortgage financing greater than 90 days requires a rate guarantee premium.
  • A resubmission is required if the rate guarantee has expired. The eligible rate sheet bulletin at the date/time of resubmission will determine the new pricing parameters. No retroactive rate adjustments can be made once the rate guarantee has expired.
  • Long-term rate hold pricing parameters greater than 12 months will no longer be offered for non-accredited builders.
  • The rate guarantee applies only to the term/product chosen by the member and the client, and not to all the offers available on the rate sheet bulletin.

General information:

  • All conventional mortgage financing must qualify based on the stress test, 25-year amortization, ratios 32 GDS: 42 TDS and internal risk score. Highest Equifax FICO determines pricing parameters.
  • Submission: both Expert agent & submission agent fields must reflect an accredited Desjardins mortgage broker channel intermediary partner.
  • All files must be broker complete 10 days prior to the closing date.

Submission:

  • Submit via Filogix/Velocity and email documentation, at the onset of submission, to broker.team@desjardins.com.
  • Don’t forget to include the electronic signature authentication certificate issued by an approved digital signature platform (SignLive, M3Sign, OneSpan, E-Z-Sign, Authentisign@, Dotloop and DocuSign). 
  • Please ensure documentation matches the following parameters in order to avoid an auto-decline by the admissibility team. Here is an example of how documentation should be sent :  

Project 1 PDF file that includes the following and labelled “project_Filogix Expert application #”

  • Filogix or Desjardins Consent Form + all documents related to the subject property + proof of down payment. If the down payment is a gift we require our Gift letter signed by all parties and the donor’s source of funds (90-day history).
  • Don’t forget to include the electronic signature authentication certificate issued by an approved digital signature platform (SignLive, M3Sign, OneSpan, E-Z-Sign, Authentisign@, Dotloop and DocuSign). 
  • Please refer to page 19 of the operational procedures guide // mortgage broker toolkit for down payment parameters.

Income 1 PDF per borrower that includes the following and labelled “borrower name_Filogix Expert application #”

Real estate property 1 PDF per property that includes the following and labelled “property_insert address_Filogix Expert application #”

  • All documents related to this property (mortgage and/or HELOC statements, leases and/or tenant acknowledgments, tax bill, …)
  • If applicable, please refer to pages 17-18 of the operational procedures guide // mortgage broker toolkit for owner-occupied and rental property income parameters.

Please note the following options with respect to contacting the mortgage underwriting centre:

  • For all emergencies, please contact broker.info@desjardins.com or if you have any questions, please consult our reference sheet for a list of departments supporting our channel. 
  • Do you need to submit documentation? If yes, email broker.team@desjardins.com and include the following in your email subject line “add. docs Filogix Expert application # + borrower first and last name”.
  • Do you require a status update? If yes, email broker.info@desjardins.com all inquiries pertaining to a status update, prioritization and/or communication to the mortgage underwriting centre team.
  • All modifications require a resubmission. Simply, update any of the applicable variables (rate/term/product, closing date, mortgage financing amount, amortization, purchase price, appraised value, debt payouts/closures etc.) and resubmit via Filogix/Velocity. 
  • Electronic signatures: we require the electronic signature authentication certificate issued by an approved digital signature platform.
  • Approved electronic/digital signature platforms:
  • SignLive with an electronic signature authentication certificate
  • M3Sign with the electronic signature authentication certificate
  • OneSpan with the electronic signature authentication certificate
  • E-Z-Sign with the electronic signature authentication certificate
  • Authentisign@ with the electronic signature authentication certificate
  • Dotloop with the electronic signature authentication certificate
  • DocuSign with the electronic signature authentication certificate
  • If it’s not included in the above-mentioned list it’s not eligible
  • Appraisal options:
  • NAS (order directly and select Desjardins Group)
  • RPS Real Property Solutions (BDM authorization granted) – select private lender and request client/lender Desjardins
  • Solidifi (BDM authorization granted) – select private lender and request client/lender Desjardins

Application granted (mortgage broker complete):

  • When you receive the above-mentioned email, your file is good to go and the mortgage broker is complete. Thereafter, Caisse Desjardins Ontario – Virtual Banking team will fulfill the virtual meeting and solicitor instructions. 
    • All files must be broker complete 10 days prior to the closing date; however, if a client is outside of Canada, the file must be broker complete 15 days prior to the closing date.  
    • We recommend a solicitor for the mortgage closing process. Nonetheless, subject to eligibility, you may request FCT mortgage payout services. Please be advised that delays to the closing process are outside of our/their control. 
    • We do not accept Power of Attorney.

Managing your mortgage:

Kindly refer to this reference sheet for a list of departments supporting our channel. 

All files are subject to eligibility, satisfactory underwriting due diligence and legal/conforming zoning. The mortgage underwriting centre will review and determine eligibility. All files must be broker complete 10 days prior to the closing date.

As a reminder, please do not send documents for mortgage applications directly to BDMs, please email broker.team@desjardins.com . Protecting your client’s personal information is important to us.

Merix/Lendwise:

CURRENT PROMO

 20 bps Extra Comp

​​​​​Insured/Insurable | Fixed & ARM
New Business Only | No Pre-Approvals | No Float Downs
Rentals are permitted with a 5 bps premium.

​​​​*** This special does not appear on our rate sheets. ***

RFA ALT:

CURRENT PROMO – We are paying 90 bps on a 1-year term with a 500-599 Beacon score. Owner Occupied, Provable income, Bruised Credit. Max 50% TDS. 35-year AM and Contributory Income Available as well. Ask me for details.

Extended until August 31st!

We also reduced our 35-year AM to only have a 15 bps premium!

CURRENT SLA – 24-48 hours on getting commitments. 3 business days on document review.

Quick Tips:

  • Qualification Method: Contract Rate + 2%
  • 35-year Amortizations Available with a 25bps rate premium
  • Pay a Consumer Proposal, Property Tax OR CRA arrears with proceeds from of our Refinance
  • 80% Offset calculation for Subject Rentals
  • Rental Worksheet for 1-4 Non-Subject Rental Properties
  • Contributory Income up to $1,200/month (immediate family members only and must live in the subject property)
  • CCB Income Permitted until 18 years-of-age
  • Min. 500sqft for Condominiums (400sqft in GTA/GVA with a separate bedroom)
  • Submit a QUICK QUOTE so we can Price your next deal and help you qualify prior to submission
  • BEST pricing available within 50% GDS/TDS – Extended Ratios available up to 75% LTV (see below for more details)
  • 90 Day Rate hold of purchase and refinances
  • Minimum mortgage amount of $100,000
  • Minimum Sq footage for a house of 700 sq ft.
  • No Age Restrictions
  • Canada Child Benefit under 17 years old – Cannot exceed 30% of total income
  • No Minimum Beacon Score
  • Discharged from bankruptcy 1 day
  • Prepay up to 20% anytime during the year – Most Lenders on the anniversary date.
  • Mortgages aren’t fully closed and locked in
  • Favourable penalty to break mortgage anytime
  • Larger Equity Take Outs
  • Well and Septic properties ok – Over 65%LTV
  • Excellent proximity lending- 50 km from Major city, 50 km from Medium city, 25 km from Minor city
  • Over 300 approved appraisers
  • Great renewal options
  • Open 1 year available on renewal – some lenders automatically lock in.
  • Mortgages up to $1,700,000
  • No Maintenance Fees – Most lenders have large hidden maintenance fees charged to clients.

Bonus 20bps Promo Eligibility:

New deals only, earn an extra 20 bps for 500-599 credit scores!

Primary Borrower credit score: 500–599, Standard TDS: max 50%, Owner Occupied (Subject Rental/Second Homes are excluded), Fully Income Qualified (BFS Assist is excluded)

Extended Ratios Basic

  • 65% GDS/TDS @ 65% LTV
    • BFS Assist & Fully Qualified Income 
    • Owner-Occupied & Rentals 

Extended Ratios Plus

  • 60% GDS/TDS @ 75% LTV 
    • Fully Qualified loans only
    • Owner-Occupied only (Major Urban locations)
    • Min. 640 beacon / $100k combined employment income on an application

*Extended Ratios above 50% subject to rate premium

Essential Tutorial Videos

Non-B20 Compliant Scenario

In this Deal and Underwriting session, Emerson Munsayac discusses Non-B20 compliant scenarios. He shares what Non-B20 Guidelines are when they started and updates that have been made since 2018.

What You’ll Learn

  • What Non-B20 Guidelines are when they started and what updates have been made since 2018.
  • What a stress test is, how it regulates the industry and how easily accessible it is through the Pineapple rate sheet.
  • A scenario that gives an idea of how the numbers work and how to get the right product sheet for different guidelines.

New to Canada Case Study with Don Chen

Pineapple Counsellor Don Chen, shares information and the importance of New to Canada clients.

What You’ll Learn

  • Who are new to Canada clients and the importance of these clients establishing a credit bureau history.
  • Requirements that are crucial for new to Canada clients who are looking to qualify for a mortgage.

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

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