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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

B2B:

We’re introducing changes to the Preferred Mortgage Partner Program which will take effect on Monday, May 16.

Please familiarize yourself with the new program requirements.

TD:

Your TD Connects snapshot for the Toronto TDMS Centre

As of Friday, April 29, 2022

Underwriting

  • Average underwriting review time is a maximum of 4 days (excluding risk review) from submission of the credit application to decision (trending down since the last report). See breakdown below: 
  • Once submitted, an application will be assigned to an underwriter within 4 days.
  • Once the application is assigned to an Underwriter, a decision will be returned the same day.
  • If an application requires Retail Risk Management (RRM) review, the average underwriting review time will increase by 1 day.

Document Verification

  • Document review begins once the Broker Commitment is generated. The average time before document review begins is a maximum of 8 days (trending the same since the last report).
  • Where all necessary documentation is included in the file, document review can typically be completed within 1 day.  Missing documentation and the need for clarification will extend this time.

Time-sensitive files

  • Time-sensitive files will be accommodated for new purchases with a Condition of Financing (COF) on a best effort basis.

Promos

RFA

Product Reminder : Transfers!

  • Free Transfer – Minimum mortgage amount $150,000 (mortgage amount less than $150,000, client or broker paid fees applicable)
  • Collateral Transfer – No Legal fees, Client or broker paid fees (10 bps via commission if mortgage is over $150,000.
  • Covenant Removal – Add or Remove a Spouse (non marital breakdown), Parent or Child via RFA’s Collateral transfer program (broker or client paid fees applicable, no legal fees)
  • Minimum amortization – 5 years.
  • Ability to Increase Amortization – Where client has previously reduced amortization by utilizing pre payment privileges. Mortgage Statement will be required to ascertain original amortization.  Amortization can be increased to original am LESS time gone by.
  • Capitalization – Up to $3000.00 in penalties and fees
  • Grandfathered Rules – RFA continues to allow grandfathered rules for FIXED Insured loans (prior to Oct 16, 2016) and FIXED Insurable loans (prior to November 30, 2016).  Application must not have been refinanced since original purchase date.   See attached information sheet for more details.
  • Qualifying – If grandfathered rules do not apply, please remember to qualify at Benchmark or Contract + 2 whichever is greater
  • Combine a fixed mortgage and a HELOC balance on collateral mortgage transfer into one RFA insurable mortgage rate to improve cash flow and reduce interest costs. 

Transfer your clients into our:

  • QUICK CLOSE Promo: 60 day Fixed rates or
  • P-1.01% (2.19%) ARM insured rate –  120 day rate hold – RFA Prime | RFA for Rates
  • Both Full featured, Paying 140bps on our limited time commission promo!

Available for both owner occupied/second home purchases AND collateral transfers or switches.

5 year Insured QC Rate:

3.99% Promo Code QC374

5 year Insurable QC Rates:

≤ 65% – 3.99% Promo Code QC374

65.01-70% – 4.19% Promo Code QC389

70.01-80% – 4.24% Promo Code QC404

Quick Close Details:

  • Insured/Insurable Purchases or transfers
  • Owner Occupied & Second Homes considered
  • Verifiable Income only – no stated income
  • Must fund within 60 days
  • New business only
  • Not available on Frontline Program
  • Max 15 bps broker buydown
  • NOT eligible for rate float downs or switching from any other product/term
  • 20/20 pre-payment privileges
  • Standard penalties apply

Turnaround is approx., 24-48 hrs and fund before the end of May.

RFA NEW Promo:  20bps extra commission promo for primary borrowers with beacon score of 500-599.  See details in the ad below announced earlier today.

4.69% – Income Qualified, pays 50bps or

  • 4.89% pays 70bps (your choice).
  • 1 year term, purchase or refinance.
  • Up to 50/50% ratios
  • Beacon 680+
  • 80% LTV
  • Owner/occupied condos or homes
  • Also available, 2 and 3 year fixed rates.

4.94%  –  BFS stated income, pays 50bps  

  • 5.14% pays 70bps (your choice).
  • 1 year term, purchase or refinance.
  • Up to 50/50 ratios
  • Beacon 680+
  • 80% LTV
  • Owner/occupied condos or homes.  
  • (6 months of bank statements & BFS Attestation form and business registration)
  • Also available, 2 and 3 year fixed rates.

To view Rates, commission, additional information, approved appraiser list and lending areas, visit us at https://www.rfa.ca/alternative

Contributory Income up to $1200/mo.

90 day rate hold

No bona fide sales clause.

Rentals – Stated  income or income qualified also available.

Rentals up to 80%LTV in medium or major markets and we use 80% rental offset.

Plus: Extended ratios to 65/65 in major markets for income qualified clients.

CMLS

  • Good News the Minimum credit score on Uninsured Mortgage has drop to 680 – 
  • Did you know? Uninsured 5 Year Fix is Currently @ 4.29% Paying 100 BPS or ARM @ P-0.55 Paying 100BPS
  • Did you Know about CMLS Special which is standard product available on Purchase and Switch Transfer (Grand Fathering rule can be applied as well) !!!!
  • HR & Up 65% LTV: P-0.95 Paying 110BPS or P-1.00% Paying 90BPS or P-1.05% Paying 70BPS or P-1.10% Paying 50BPS or P-1.15% Paying 30BPS
  • 65.01% LTV to 80% LTV: P-0.75% Paying 110BPS or P-0.80% Paying 90BPS or P-0.85% Paying 70BPS or P-0.90% Paying 50BPS or P-0.95% Paying 30BPS

Reminder that a property purchased under a million is eligible for Insurable pricing on straight transfer, provided the original purchase price was less than 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 million could still be Insurable!

Essential Tutorial Videos

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