Skip to content

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

Fisgard

Updated product sheets have been uploaded to Knowledge.

Merix/Lendwise

Hello Broker Partners,

Did you know that MERIX/Lendwise offers a New to Canada mortgage for those who have recently immigrated to Canada from another country or who have been transferred here by an employer? This program is a great option for newcomers!

New to Canada Program Details: 

  • Must be in Canada for less than 60 months
  • Must have at least 3 months Canadian employment, no probation, full time, with guaranteed hours.
  • Must have either a working visa or permanent status.
  • 95% LTV – requires 12 months of alternative credit  from 2 sources in the client’s name.  
  • 90% LTV – requires 6 months of alternative credit from 2 sources in the client’s name.
  • 5% down payment from own resources, additional down payment can be gifted from immediate family member.
  • Owner occupied homes, maximum 2 units (one of which is occupied by applicant)
  • Documents to confirm credit, such as: rental payment history, hydro, telephone, cable bill, international credit bureau, bank statements, letter from bank.
  • Insured/insurable offers.  
  • Ensure your bureaus are within 30 days of application.
  • Submit your deals to MERIX Financial to earn annual trailers and build assets under administration.
  • Submit your deals to LENDWISE to maximize upfront compensation.
  • We offer great rates for your New to Canada clients.

MERIX Financial/Lendwise will continue to find solutions that allow Canadians to experience home ownership and help you grow your book of business.

Hello Broker Partners,

I would like to invite you to an upcoming presentation hosted by MERIX Financial and Sagen Account Managers Julie Avery and Justin Smith on Understanding Credit Bureaus.

This webinar will review how to walk through a credit report to obtain the pertinent details of your client’s credit history.

The access link and additional details are below; I hope to see you there!

Thank you, 
Akosua Asumadu
Understanding Credit Bureaus
 
Date: August 24th, 2022
Time: 11:00 AM EST
Duration: 45 mins + Q&A
 
Click Here for Access Access!

Meeting ID: 259 705 625 069
Passcode: pFHwdF


There is no prior registration available for this webinar.
Kindly save this email and use the access link above to attend the presentation.

Please test your systems prior to the webinar.


PROMOS

Home Trust

As a valued partner, we have a promo today that’s exclusive for your team!

Rate Promo For New Submissions Only!

  • Effective: Aug 4, 2022
5 YEAR FIXED TERM
45 Day Quick Close: 4.54% | 120 Day Rate Hold: 4.54% |                                           
5-Year Adjustable Rate: Prime – 0.95%
  • Major Urban Centres
  • High Ratio purchase
  • <65% LTV
  • Currently Insured Regular and collateral switch/transfer
  • RATE DROP: Rate float down is not available on this promo
FOR ALL OTHER 5 YEAR TERMS
5 Bps Discount Off Home Trust Posted Rates
  • (Please refer to our attached rate sheet for posted rates)
  • Maximum buy down 20 bps on all terms
    (20 bps for a 5 bps rate reduction)
  • Please include “HEAT IS ON” in your submission notes
  • Take advantage as these rates may change at any time

Don’t wait! Be sure your entire team knows….and make “Home Trust Accelerator” your choice for your next “A” deal.

Thank you for your continued support. Please contact your BDM for more details.

BDM UPDATES

MCAP

It is with great pleasure I introduce your new full-time Business Development Manager, Trish Medeiros. 

Trish joined MCAP in April 2021 and has over 6 years of underwriting experience, which will be a wonderful asset in her new role and an amazing tool for her broker partners to utilize in structuring application submissions. Trish has acquired a sound knowledge of MCAP products and policies over the past year and is very excited to be part of our professional and dynamic team. 
 
Trish has a strong commitment to providing a high quality of client service and building strong and genuine relationships with her MCAP Broker Partners. Trish has an outgoing personality and positive social energy and is looking forward to meeting everyone. 

In her spare time, Trish loves to cook and host social gatherings at her home- often with fun themes! She’s recently become very interested in growing vegetables and herbs in her garden, and is looking forward to cooking up what she’s grown in the fall! Trish also has a teenaged daughter and son who enjoy regular movie and boardgame nights and making s’mores by the fire on warm summer nights with their family dog, Buffy.
Trish’s Contact Information:
Trish Medeiros

Trish Medeiros

Business Development Manager, Greater Toronto Area

T: 416-389-4180

E: trish.medeiros@mcap.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