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.

Pineapple Rate Sheet

Click here to access the current rates.

Policy Updates

TD:

Desjardins:

General information

  • Qualification: internal risk score + mortgage stress test + 25 year amortization and 32 GDS : 42 TDS for conventional mortgage financing. Highest Equifax FICO determines pricing parameters.
  • Submission: both Expert agent & submission agent fields must reflect an accredited Desjardins mortgage broker channel intermediary partner.
  • 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).

B2B Bank:

Effective Thursday May 12, 2022, the Look Back Rate Guarantee will no longer be available. 

Any applications submitted prior to this date will be honoured with the current Look Back Rate Guarantee.

Promos

Community Trust

Good morning! Finally some positive rate news…

Community Trust is currently offering a 15bps RATE REDUCTION on ALL 1 year term deals

Deals must be submitted between Tuesday, May 10th and Tuesday, May 17th

Applies to owner-occupied AND rental!

All FICO scores eligible!

This means certain deals will be priced as low as 4.94%!

In addition, we are STILL offering Status Partners (Prestige, Elite and Premum) another 10 bps off, subject to the following:

  • Owner-occupied only
  • All terms (must be a 1 year term to combine promos)
  • All FICO scores

This means certain Status Partner deals will be priced as low as 4.84%!

Community Trust

What’s new?

  • Refinance conventional owner-occupied mortgage $750,000 and over as low as[1] – applicable to new applications submitted on or after 2022-05-06 – subject to eligibility[1]
  • 5 year closed fixed 4.19%[1]  commission paying 110 bps
  • 5 year reduced variable P – 0.60%[1]  commission paying 110 bps
  • 5 year protected variable P – 0.40%[1]  // ceiling (payment) rate 4.39%[1]  commission paying 110 bps
  • 40 month closed promo 3.89%[1]  commission paying 75 bps – must fund prior to July 31, 2022
  • Versatile line of credit with linked mortgages P + 0.35%[1]
  • Cashback promo up to $1,200[1]
  • Compare our Mortgages | Desjardins

Industry Updates

BDM Updates

Merix/Lendwise:

Good afternoon valued broker partners,

We would like to introduce you to your new Director, Business Development, Akosua Asumadu!

Akosua brings with her over 14 years of experience working in the financial industry and a wealth of knowledge in mortgage origination servicing. In addition, she has extensive experience with lending policies and working alongside her underwriting partners. Previously, she worked as a mortgage servicing specialist and personal mortgage consultant, as well as in the areas of business development and mortgage advising. Akosua prides herself on providing excellent customer service and looks forward to assisting her broker partners find the best mortgage solutions for their clients’ needs. 

If you have any questions, please reach out to Akosua. She may be contacted at:

Akosua Asumadu  –  MERIX Financial

Director, Business Development

​​​​​Mobile: (416) 407-3168

akosua.asumadu@merixfinancial.com

Essential Tutorial Videos

Overseas Money

Emerson discusses Overseas Money. He speaks on the fundamentals, what to look for when it comes to products and how to understand it.

What You’ll Learn

  • The fundamentals of overseas money deals.
  • Documents required for income from foreign resources.
  • Sanctioned countries as it relates to the transfer of funds and assets.
  • Common guidelines that all lenders have on LTV (Loan to value), GDS (Gross debt services) and TDS (Total debt service) required for some 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