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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.

Policy/Program Updates

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

Current 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 converted to a live deal prior to the end of the promotion
  • Owner-occupied properties
  • Minimum 5 year fixed term or ARM product
  • 120 day commitment period (if closing extends beyond 120 days from 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  • This offer is for a limited time only and may be withdrawn at any time without notice

MCAP

MCAP 5yr Fixed & ARM Bonus Commission Promo
For a limited time, take advantage of our Bonus Commission Promo!
Promo Commission listed below will be available for new submissions or pre-approvals going live starting Monday, August 8th, 2022*

LTVVIP M-Power and MCAP Value-Flex ARM5yr Standard & MCAP Value-Flex Fixed
High Ratio / Insured+ 20bps+ 35bps
Insurable up to 80% LTV

Please note the following requirements apply:

  • Insured and Insurable Purchases and Transfers ONLY
  • Low Ratio Insurable: minimum credit score of 680 is required for at least one applicant
  • Promo rates are eligible
  • Maximum buydown is 20 bps
  • Eligible: Secondary Homes, Small Rental Program, MCAP Cashback Fixed and Pre-approvals gone live
  • Not Eligible: MCAP Fusion, Uninsurable loans or existing pipeline
  • Be sure to request “Commission Promo” and the applicable product in your submission notes
  • Limited time offer that can be discontinued at any time.

Please contact your BDM/BRM for more information on how to use our promos to grow your business.
Thank you!

*Please note that all MCAP rates and promotions are subject to change without notice. MCAP at its sole discretion reserves the right to determine deal eligibility under the promotion and may change eligibility requirements or promotion details without notice.

RMG

RMG 5yr Fixed & ARM Bonus Commission Promo
For a limited time, take advantage of our Bonus Commission Promo!
Promo Commission listed below will be available for new submissions or pre-approvals going live starting Monday, August 8th, 2022.*

LTVStandard ARM and RMG LRB ARM5yr Standard & LRB Fixed
High Ratio / Insured+ 20bps+ 25bps bonus comp
Insurable up to 80% LTV
Promo commission in addition to Regular Base Comp + Incentive (based on Status level)

Please note the following requirements apply:

  • Insured and Insurable Purchases and Transfers ONLY
  • Low Ratio Insurable: minimum credit score of 680 is required for at least one applicant
  • Promo rates are eligible
  • Eligible: Secondary Homes, BFS-Insured Program, RMG Cashback Fixed and Pre-approvals gone live
  • Not Eligible: Existing pipeline or Uninsurable loans
  • Be sure to request “Commission Promo” and the applicable product in your submission notes
  • Limited time offer that can be discontinued at any time.
    Please contact your BDM/BRM for more information on how to use our promos to grow your business.

*Please note that all RMG rates and promotions are subject to change without notice. RMG at its sole discretion reserves the right to determine deal eligibility under the promotion and may change eligibility requirements or promotion details without notice.

TD

We’re happy to introduce Nick Vaiopoulos as your Regional Sales Manager for Toronto East!

With over 21 years of banking experience at TD in various roles, Nick has gained valuable credit knowledge and experience. Most recently, he was a Branch Manager to a team of colleagues dedicated to helping customers meet their financial objectives. With this change Caitlyn Penney will be returning to her role as Inside Sales Manager.

On a personal note, Nick is a proud father to twin girls who are starting school this September and in his spare time enjoys movie nights with his wife and watching sporting events with his friends and family.

Please join me in welcoming Nick to the TD Broker Services team, effective immediately.

He can be reached at 1-833-836-0038 or at Nick.Vaiopoulos@td.com.

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