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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.

PurView Discount Still Available

The discount field will be available from within the eStore which means subscribers can top-up 50 reports with their credit card and apply their discount code directly within Purview. Once the transaction is completed their additional reports will be available immediately.

For direction on how to top up and view your dashboard, please refer to the following video.

Pineapple Rate Sheet

Click here to access the current rates.

Policy Updates

Desjardins:

Please find below our general information, submission requirements and key mortgage underwriting centre contact information.  

General information:

  • All conventional mortgage financing must qualify based on a 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 before 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 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 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 page 17-18 of the operational procedures guide // mortgage broker toolkit for owner-occupied and rental property income parameters.

HELP! I need to contact the mortgage underwriting centre – please note the following options:

  • 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 electronic signature authentication certificate
  • M3Sign with electronic signature authentication certificate
  • OneSpan with electronic signature authentication certificate
  • E-Z-Sign with electronic signature authentication certificate
  • Authentisign@ with electronic signature authentication certificate
  • Dotloop with electronic signature authentication certificate
  • DocuSign with 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 email mentioned above, your file is good-to-go and the mortgage broker complete. After that, Caisse Desjardins Ontario – Virtual Banking team will fulfill the virtual meeting and solicitor instructions. All files must be broker full 10 days before the closing date.

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 before 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 clients’ personal information is important to us.

Fisgard:

What’s been adjusted

  • Both our commercial and construction financing programs are temporarily on hold due to the extremely high volumes that we’ve been dealing with.
  • Our Bundle program at 90% is temporarily on hold due the current market value conditions and the comfort level of our lender partners.
  • Our 80% & 85% bundle program is still in effect however location will be of utmost importance to our bundle partner, preference will be GTA and Major city centres within the Golden horseshoe area at our lender partner’s discretion.

Nothing has changed with our residential first and second mortgage products, whether for an owner-occupied, rental, purchase or refinance. 

Our LTV max and our lending area in all provinces stay unchanged and intact; attached is our current product page with our start rates based on the LTV for your reference.

Fisgard Product Sheet

Fisgard Fee Schedule

Promos

RFA Alternative:

Effective Monday, July 4th, John De Castro has joined RFA as your new RVP for Alternative. Your RVP for Prime deals will continue to be Dario Carpino! These two amazing people will ensure your account is well taken care of by RFA!

RFA Alternative Contact
John De Castro RVP Alternative, Ontario East
c: 437.684.6740
e: john.decastro@rfamortgages.ca
RFA Prime Contact
Dario Carpino RVP Prime, Toronto East
c: 416.421.9002
e: dario.carpino@rfamortgages.ca

Essential Tutorial Videos

Self-Employed Case Study

Emerson explains BFS (Business for self) and presents different case studies. He shares that BFS is also known as self-employed or small businesses. He provides various examples and the foundation of the other products from lenders. He highlights the basic guidelines for business for self and the requirements from both A and B lenders. He emphasizes the importance of making detailed lender notes; an example was shared of what it should entail.

What You’ll Learn

  • Definition of self-employed.
  • Products you can use for self-employed clients.
  • Lender requirements for the self-employed.

Lead Management and Exceptions

Emerson discusses Managing Leads. He explains the importance of entering information into MyPineapple, the difference between a deal and a lead and why it is important to be able to differentiate the two. He shares that developing trust, getting to know your lead, and asking relevant questions are vital when building a relationship with clients. Making promises, utilizing tasks, due dates, and creating a next touch point is essential and will result in a missed opportunity if not followed through.

What You’ll Learn

  • The difference between a deal and a lead.
  • Why it’s important to get to know your lead when building a relationship with clients.
  • Utilizing tasks, due dates, and creating a next touch point.

Pineapple Rate Sheet

Emerson discusses the Pineapple Rate Sheet going through the sheet in detail and shares that it is always best for an agent to do what is best for clients.He goes through He explains . He shares He He ends the call by answering questions. Please refer to the related tab of this article to access the slide deck.

What You’ll Learn

  • What an insured rate is and what it entails.
  • Details about insurable rates and the criteria under which these rates are assessed.
  • The max LTV percentage that lenders adhere to was also reviewed.
  • Further explanation on uninsurable rates and how risky it is for lenders.

Debt Consolidations: HELOCs

Emerson takes us through Debt Consolidation: Home Equity Line of Credit (HELOC).

What You’ll Learn

  • What a HELOC consists of
  • Questions you should ask your clients when discussing HELOCs

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 and 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