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/Program Updates

MCAN Launch (formerly XMC)

Lender Promos

DUCA Promo

DUCA Broker Services Policy and Guidelines

  • Additional towns added to our GTA sliding scale and increased lending in urban and non-urban areas
  • PLUS: Now accepting 50% CCB income on Non-Conforming deals. Confirmation of child’s age is required. Must be eligible to receive for at least three years.

Also, still qualifying Non-B20 Compliant files on our Conforming (A) side at contract rate + 1% and all Non-Conforming (B) side files at contract rate only!

DUCA Qualification Options:

Conforming Mortgages

Insured/Insurable mortgages 

  • Insurer Guidelines apply
  • Qualified at greater of benchmark (5.25%) or contract + 2.00%

Conventional Uninsured mortgages

  • B20 Compliant: Qualified at greater of benchmark (5.25%) or contract + 2.00%
  • B20 Non-Compliant: Qualified at contract rate + 1.00%

*Add 5 bps to rate for amortizations greater than 25 years for both B20 Compliant and B20 Non-Compliant mortgages.

Non-Conforming Mortgages

Near Prime, BFS, Bruised Credit

  • Contract Rate only
  • Can use 30-year amortization with no rate premium

Equitable Bank

Current rates on our Advance product  .

  • Rates Starting at 5.39 @ 40yr AM ( No Stress test )
  • 5.19 @ 35yr AM ( No Stress Test )
  • Fee 1.5%
  • Primary Home only ( Owner occupied ) / Rentals Considered for Beacons above 680 ( Premium may apply )
  • Effective in Ontario and BC Markets
  • Up to 80% LTV Purchases / Refi 75%
  • 600 Beacon + 
  • BFS 60% TDS with no Stress test  / 54% for Fixed income no Stress test

MCAN Home (Formerly XMC)

We are excited to announce that we have launched our broker portal for document uploads.  In order to encourage everyone to use the portal, we will give a discount of 5 bps on rate for any deal submitted in April.  You must upload MLS/APS on a purchase or any document on a switch or Alternative deal when you submit the deal to get the extra 5 bps.  Take advantage as very easy to do so.  We spent a lot of time making the portal and it is part of our commitment to you for a great experience with MCAN Home.  As a reminder, the Sprint status is an exclusive promotion so please take advantage of.

Only available through Underwriting or by signing up directly with MCAN. 

Please reach out to the BDM:

Business Development Manager – South West Ontario, MCAN Home Mortgage Corporationrwhite@mcanfinancial.com | (519) 808-9344

RFA

Hi Team,

60 day quick close promo, pays 115bps + 10bps efficiency ratios

  • 2.19% (P-1.01%) on our 5 year ARM – Insured only.
  • 3.99% on our 5 year fixed Insured or 65%LTV and less insurable.

Quick Close Promo details:

  • New business only – not eligible for rate float downs or switching from any other product/term
  • Owner Occupied & Second Homes considered
  • No Stated Income (verifiable income only)
  • Purchase or Transfer  
  • Must Fund within 60 days
  • Not available on Frontline Promo
  • Live deals only, no pre-approvals.

CMLS

Insured/Insurable rates are so much more attractive than Uninsured rates, aren’t they? Did you look at the CMLS Special and wish you could offer your client Prime – 0.95 or 0.75 instead of 0.55 but you know they refinanced 2 years ago? Maybe you can!!!

Remember that a property purchased for under $1 million is eligible for Insurable pricing on straight transfer still, provided the purchase price is less than 1 Million post November 2016 ( Doesn’t matter how many time after purchase the property was refinanced ) –  and a property that was purchased prior to November 2016 (even if they paid over a mil) could still be Insurable!

CMLS Special – Standard Product –

  • HR or up to 65% Insurable: 3.99% or P-.95%
  • 65.01-80% Insurable: 4.24% or P-.75%
  • *New business only, cannot be combined with the CMLS Home Line
  • CMLS Home Line
  • HR or up to 65% Insurable: 4.04% or P-.90%
  • 65.01-70% Insurable: 4.14% or P-.75%
  • 70.01-80% Insurable: 4.29% or P-.60%

Essentials

Watch this video on how to submit an inquiry to UW. Click here to watch

Read our Spring Market Report to understand your opportunities. Click here to read

Don’t forget to follow up with your clients and create/log your tasks!

Acceptable Down Payments

Emerson Munsayac takes us through acceptable down payments for mortgages.

What You’ll Learn

  • Acceptable down payment sources, savings/investments, incentives, gifts, existing equity, and credit.
  • A gifted down payment can only come from immediate family members such as siblings and parents.
  • Depending on the lender and product there are restrictions on how much gifted down payment can be used.

MyPineapple Tasks

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