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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.

Pineapple Rate Sheet

Click here to access the current rates.

Policy Updates

TD:

Effective May 26, 2022, TD will no longer offer the “bank to pay” option for municipal property taxes for new conventional mortgage applications. 

In addition, property tax maintenance requests will no longer be supported on existing mortgages.  This change aligns with property tax payment options at other financial institutions (OFIs) across the industry.

What alternative property tax payment options are available to customers?

  • Customers can set up pre-authorized payments directly through their municipality.
  • Customers can set up a Pre-authorized Transfer Service (PTS) into a savings account to save money towards monthly or annual property tax payments.

For in-flight applications received prior to May 26, 2022, TD will honour the “bank to pay” option for municipal property taxes. 

  • The Broker Information Kit, Section 5.13: Property Taxes will be updated with this information.

Effective May 19, 2022, TD will update policies for non-residents and temporary residents.

To address the needs of customers with varying Canadian residency statuses, we are updating our policies for Non-Resident and Temporary Resident borrowers:

  • Both Non-Residents and Temporary Residents: Increasing the maximum amortization to 30 years.
  • Temporary Residents: Allowing refinance applications up to 65% LTV (subject to Sliding Scale).

The following sections of the Broker Information Kit will be updated with this information. Please familiarize yourself with the changes:

  • Non-Residents
  • Temporary Residents

Stay tuned for more policy improvements that will launch in the weeks ahead.

Community Trust

Community Trust is now offering 35 YEAR AMORTIZATIONS

Available for all programs, owner-occupied and investment properties.

Only exclusions are 2nd mortgages and HELOCs

Qualification and the client’s mortgage payment can now be based on 35 years if requested

+15 bps premium applies

Promos

RFA

Limited time ONLY – Uninsured Promo! 

Now Paying 145 bps on ALL 5 year Uninsured applications – 

(Insider Efficiency bonus not applicable during promotion period)

Did you know we have 2 different Uninsured Products? 

Please see below for a quick rate update and a product comparison chart! Any questions please let me know!

Uninsured Plus: 
5 year Fixed:  4.79%
5 year ARM:  P-0.25%
*not available for rentals/second homes 		Standard Uninsured: 
5 year Fixed: 4.89%
5 year Fixed Rental: 5.04%
5 year ARM : P-0.20% 

Frontline Work Promo !

$1000.00 Cash back paying 85 bps

5 year Fixed product only: 5 year Insured & LTV ≤ 65%: 4.04%

Please include promo code “Frontline” in your application notes.

Qualifications:

  • Border Services, Correction Officer, Firefighter (Employed), Paramedic, Police Office, Registered Physician & Registered Practical Nurse. 
  • Must provide a recent letter of employment & paystub.

* contact BDM if you have another occupation you may want considered.

Frontline promo information may be found on our Prime Resource centre@ RFA Prime | RFA (scroll to the bottom)

Current RFA Rates

5 year Insured and ≤ 65% Rates: Pays 115bps.

ARM: P-.95%

Fixed: 4.14%

*10bps Quarterly Efficiency Bonus applicable on all rates and terms

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