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.

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.

There’s a new Lender Promos and Policy Updates Group in My Pineapple: 

Keep up to date in real-time of all the latest promos and policies from the various lenders.

Policy Updates

TD:

In Canada, we have a regulatory framework for financial institutions. As part of this framework, federal regulators have recently introduced new consumer protection requirements that will take effect on June 30, 2022.

We are contacting you today to inform you of what to expect over the months of May and June, and to introduce the first of several updates to our broker-originated processes in accordance with these new requirements.

What Brokers need to know

  • During your regular needs-based conversation, specific questions or topics must be discussed with the customer(s) to help ensure the appropriate TD Product is selected. The following questions to be discussed are captured in the attached detailed procedure:
    • Need or desire for ongoing access to credit, including ability to manage.
    • Understanding of product features, and customer level of comfort and importance around rate types.
    • Term length requirements, and future potential prepayment charges through home sale or refinance of existing product(s).
  • The new Appropriate Product Assessment Form is designed to capture the key discussion points. The customer must sign the form as acknowledgment of having a needs-based conversation with you, the Broker and their agreement to accept or decline the Broker’s recommendation. The customer may also acknowledge their decision to decline the needs-based conversation. Only one applicant is required to sign and acknowledge the form if they agree they are speaking on behalf of all applicants.
  • The Form will print along with the Broker Commitment for any deal submitted on or after May 30, 2022. 
  • Customer will need to sign the form prior to final fulfillment documents being released to the solicitor/notary/FCT Remote Signor. Note: If changes are made to product type, rate type, and/or term length, a new Broker Commitment Letter and Appropriate Product Assessment Form must be resigned.

See below:

Additional Information

  • The Broker Information Kit (BIK) will be updated with the attached information under a new section 3.2: Appropriate Product Assessment.
  • Broker training will be offered by your dedicated Regional or Inside Sales Manager to prepare for these changes
  • Additional Prohibited Conduct, Complaints Handling, and Whistleblower requirements and guidance will be shared in June.

MCAP:

MCAP would like to extend a Thank You to our broker partners that took part in recent Broker Advisory Sessions across Canada.Your insights are incredibly valuable and help us make positive changes to serve you better. These changes are a great example of how we live Blue Culture, by serving people – not policies. 

I encourage you to read the full details below as these are all very favourable changes.

1. Policy enhancements for your uninsurable files now allow for consideration of:

  • Net property taxes* in provinces where Property Tax Grants are applicable (ie. BC Homeowner’s Grant)
  • Agricultural Land Reserve (ALR) Zoning*
    • Must be a primary residence
    • No business income being generated from the property
  • Sliding Scale Increases – applicable to regions of BC 
  • BFS Add Backs for Sole Proprietors/Partnerships*
    • Require minimum 650 beacon
    • Require 2-year history of add backs
    • Allowable add backs – Business Use of Home, Capital Cost Allowance & Vehicle Expense (related payments to be included in TDS)

2. Policy enhancements with regards to Rental Income will now allow for consideration of:*

  • Up to 100% add back for subject owner-occupied properties with a basement suite
    • Includes insured/insurable & uninsurable files
  • Net rents via our net rental calculator OR tax returns for non-subject rental properties on uninsurable files
  • Exclusion of taxes and heat from gds/tds in the below scenarios:
    • Insured/insurable – subject and non-subject properties where rental income add back is being used for qualifying
    • Uninsurable – non-subject or subject rental properties where a 50% rental income add back is being used for qualifying

Underwriting Tip: Rental income allowances and exclusion of taxes and heat will be determined based on overall strength of the file.

*Not available for MCAP Fusion Product.

3. Policy enhancements to our Small Rental Program include:

  • Drive by appraisal now an option where ltv </= 65% AND population requirement is met – 100K+ for purchases/refinances, 50K for transfers
  • CMHC insurable loans (2-4 unit properties) – partial gifted down payment may be considered, clients require minimum 10% down payment from own resources

4. Last but not least, policy enhancements to our Collateral Transfer Program include:

  • Expanded eligible products to include 3 & 4 year fixed terms
  • Expanded eligible property types to include rentals

RMG:

It has been a productive first half of the year here at RMG and I am happy to share that we have a number of policy enhancements now in effect.

These are all very favorable updates, so I encourage you to read the full details below.

Policy enhancements for your uninsurable files now allow for consideration of:

  • Net property taxes in provinces where Property Tax Grants are applicable (ie. BC Homeowner’s Grant)
  • Agricultural Land Reserve (ALR) Zoning
    • Must be a primary residence 
    • No business income being generated from the property
  • Sliding Scale Increases – applicable to regions of BC, please contact your BDM/BRM for details
  • BFS Add Backs for Sole Proprietors/Partnerships
    • Require minimum 650 beacon
    • Require 2 year history of add backs
    • Allowable add backs – Business Use of Home, Capital Cost Allowance & Vehicle Expense (related payments to be included in TDS)

Policy enhancements with regards to Rental Income will now allow for consideration of:

  • Up to 100% add back for subject owner-occupied properties with a basement suite
    • Includes insured/insurable & uninsurable files
  • Net rents via our net rental calculator OR tax returns for non-subject rental properties on uninsurable files
  • Exclusion of taxes and heat from gds/tds in the below scenarios:
    • Insured/insurable – subject and non-subject properties where rental income add back is being used for qualifying
    • Uninsurable – non-subject rental properties where a 50% rental income add back is being used for qualifying

Underwriting Tip: Rental income allowances and exclusion of taxes and heat will be determined based on overall strength of the file.

Finally, we have one policy enhancement to our Collateral Transfer Program:

  • Expanded eligible products to include 3 & 4 year fixed terms

Promos

RFA:

Current Promotion
Up to $2500.00 Cashback for your client. Compensation up to 125 bps! (115 bps Finders Fees + 10 bps Quarterly Efficiency Bonus)

Loan AmountCash back
$150,000 – $299,999
$300,000 – $499,999
$500,000 – 749,999
$750,000 +
$500.00
$750.00
$1000.00
$2500.00

Details:

Available on Collateral Transfers, Switches and Refinances only. (see attached Uninsurable Plus product sheet for refinances).

Fixed and ARM

Promo Code “ Summercash” in your notes.

Cash back is given to the client 2-3 weeks post funding directly to their bank account via EFT.

*Frontline worker promo cannot be combined

We specialize in purchases, collateral transfers or switches and refinances.

  • Available programs – Spousal Buyouts, Assignments, Private Sales, Purchase Plus Improvements, New to Canada and BFS Stated Income.
  • Minimum 650 beacon for all applicants on insured or insurable deals.
  • Ask for free AVM, available on most insurable deals.

5 year ARM – Insured or up to 65%LTV Insurable, Compensation up to 125 bps! (115 bps Finders Fees + 10 bps Quarterly Efficiency Bonus) 

  • 2.75% (P-0.95%)

5 year Fixed  – Insured or up to 65%LTV Insurable, Compensation up to 125 bps! (115 bps Finders Fees + 10 bps Quarterly Efficiency Bonus) 

  • 4.44%

See attached rate sheet for rates on LTVs from 65.01%-80% insurable.

NEW:  Uninsurable Plus  – (for refinances, 30 year amortizations or purchase price exceeds $1Million).

Up to 80% LTV

  • 4.89% – 5 year fixed, Compensation up to 125 bps! (115 bps Finders Fees + 10 bps Quarterly Efficiency Bonus) 
  • 3.60 (P-0.10%) – 5 year ARM,

Refinances:

  • Minimum credit score for primary borrower: 720
    Minimum credit score for remaining non-primary borrowers: 680

Purchase:

  • Minimum credit score for all borrowers: 650

We do not offer Pre-approvals.

Essential Tutorial Videos

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 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