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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

As you may have heard the Bank of Canada just announced a 100bps rate hike. 

No one expected a hike this high and we wanted to make sure you know what next steps to take to help better position yourself and your clients. 

1) This is going to impact all of your live deals. If you have any variable deals in play, lock it in with the lenders, so you are on the old qualification rate. 

2) It’s time to get on the phone now with your variable rate and HELOC clients. Get an understanding of how their mortgage is structured and whether they will face higher interest rates tomorrow, and what you can do to help them.

3) Reach out to all your Realtors today, connect and have a conversation with them about the rate hike and see how you can support them on their deals.

The moves you make today are the deals you close tomorrow.

Scenario 1 

Pre Rate Hike Purchase Price: $900,000 

Down Payment: $180K (20% down) 

Mortgage Amount: $720K 

Income: $150K 

V-Rate 3.50 (Scotia P-0.20%) 

Qualifying Rate (5.50% Contract +2) 

Am: 30 Year Monthly Payment $3,222.98/mo 

GDS 37,4% TDS 37.4%

Scenario 2 

Post Rate Hike Purchase Price: $900,000 

Down Payment: $180K (20% down) 

Mortgage Amount: $720K 

Income: $150K V-Rate 4.50 (Scotia P-0.20%)

Qualifying Rate (6.50% Contract +2) 

AM: 30 years 

Monthly Payment $3,630.35/mo 

GDS 41% TDS 41%

In order to get qualify this same client today, we need to either increase the down payment or income: Down Payment increase: $50K to $230K Income Increase: $10K to $160K

TD:

TD-Broker-services

BDM Updates

ICICI Bank:

New Mortgage Business Development Manager 
GTA Central & Eastern Ontario to Belleville, ON

We are delighted to announce that Ms. Sarah Rogge has returned to her role as Mortgage Business Development Manager for GTA Central & Eastern ON to Belleville, effective immediately.

Sarah has been with the Bank for over 5 years and brings wealth of knowledge on ICICI Bank products.  She will certainly put that expertise to work for you and help you originate mortgages in the region.

Please feel free to contact her by email at sarah.rogge@icicibank.com or by phone at Mobile: 416-903-8955

Haventree Bank:

Laura Cruz is no longer with Haventree Bank. We wish Laura well in her future endeavors.

You can find the latest status on your inflight applications with us by logging in to our Broker Portal. In addition to managing your application, our Broker Centre contains useful information regarding our lending guidelines, featured products and approved lending areas. 

Alternatively, you can give me a call or send me an email.

Doug Kenny

Associate Vice President of National Sales

C: 437.239.2107

E: doug.kenny@haventreebank.com