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.

Policy/Program Updates

ICICI Bank

We have added contributory income to our offering! Some details:

· We will use $500/per mth for each bedroom, and $500/per mth for the basement rental

· the owner must occupy 1 bedroom

· MUST be rented to a relative or friend, CANNOT be a rooming house

· Require signed tenant acknowledgements stating rental income and relationship

· Total rental income cannot exceed market rental assessment

· Subject owner occupied only, uninsured only

The following changes on the rental income treatment will be effective on November 1, 2022 : 

  • Rental Worksheet can now include up to 5 non-subject rentals
  • Rental income from the subject property will be 100% added back to the qualifying income after the vacancy adjustment
  • The new Rental Worksheet is available on the Broker Portal

  For more information on the updates, contact your BDM

representative today.  

Link to new Rental worksheet

INDUSTRY UPDATES

RMG

Please note that Friday, November 11, 2022, our underwriting staff will be participating in MCAP’s Development Day in support of our employees’ ongoing learning and development. As a result, deals received on Friday, November 11, will be reviewed on Monday, November 14.

RMG Business Development Managers will be available on that day to assist with any inquiries you have.

MCAP

Please note that Friday, November 11, 2022, our underwriting and sales staff will be participating in MCAP’s Development Day in support of our employees’ ongoing learning and development. Due to this, our team will not be processing new applications for MCAP on that day.

Haventree

Remembrance Day is a day for all Canadians to remember the men and women who served and sacrificed for our country. It is a day we encourage every individual, young and old, to pause, give thanks, and remember.

In observance of Remembrance Day, Haventree Bank’s offices will be closed on Friday, November 11, 2022.

Mortgages cannot be set to fund on this day as all registry offices and banks are closed. Please ensure any funding occurs on the previous business day, Thursday, November 10, 2022, or the following business day, Monday, November 14, 2022.

Essential Tutorial Videos

How to Run Deals in other Provinces: Emerson Munsayac

In this Deals & Underwriting session, our VP of Service and Operations, Emerson Munsayac discusses how to run deals in other provinces.

What You’ll Learn

  • What is required from us to do national deals.
  • The Prime, Alternative and Private lenders that can be used in other provinces.
  • The submission process that we must follow and lastly, the provinces that we can currently do business in, as well as the provinces that will be available for us to do business in soon.

Variable vs Adjustable Rate Mortgages

In this Deals and Underwriting training session, our mortgage agent Peter Ricketts Variable vs Adjustable Rate Mortgages and how clients are impacted by these mortgages.

What You’ll Learn

  • What an ARM (Adjustable Rate Mortgages) is, and what are its benefits.
  • The flexibility to convert an adjustable rate mortgage into a fixed rate mortgage to lock in the interest rate etc.
  • What is a Variable Rate Mortgage, and how one’s monthly payment remains fixed at a specific amount and payments will remain the same regardless.

Deals & Underwriting: Debt Consolidation- Fall Market

In this Deals and Underwriting training session, our VP of Service and Operations, Emerson Munsayac, takes us through Debt Consolidation in this Fall Market.

What You’ll Learn

  • The current market is different from what we have experienced in the past so accessing clients’ needs and wants and finding the right solution for them is essential.
  • Emerson explains the purpose of debt consolidation and how important it is to look at your client’s situation and figure out the best solutions to serve clients
  • Lender guidelines for refinances which include the overall loan amount, LTV and appraisal values etc, were also discussed.

Porting and Blending Mortgages when buying with Marlon Yee

In this Deals and Underwriting training session, our Pineapple Counsellor Marlon Yee shares information on porting and blending mortgages when purchasing.

What You’ll Learn

  • What is a port, and different porting options which include: straight port, blended port and blend and extend.
  • Why is this relevant in today’s market was also discussed along with the importance of managing clients’ expectations.

Ratios: How They Are Impacted with Jamie Sylvester

In this Deals and Underwriting session, our Pineapple Counsellor Jamie Sylvester discusses Ratios and how they are affected.

What You’ll Learn

  • The importance of a mortgage application and what is meant by subject property, down payment, mortgage information and mortgage request details.
  • What is meant by GDS (Gross Debt Services) and TDS (Total Debt Services) and what affects the calculation.
  • Providing clients with the correct information is essential. Jamie also shared details on a live application from DOS to reiterate all that was discussed.

What Clients to Target in the 2022 Fall Market

In this Deals and Underwriting session, our VP of Service and Operations Emerson Munsayac discusses ”What clients to target in the 2022 Fall Market”

What You’ll Learn

  • The 2022 Spring Lending market and the challenges regarding purchases and refinances.
  • What is happening in today’s lending market, regarding qualifying percentage rates, and average selling price makes it easier to manage clients’ expectations accordingly.
  • Spring vs fall scenario and the changes that are happening with refinancing and purchasing deals were compared.

Insured, Insurable, Uninsurable Explained with Peter Ricketts

In this Deals and Underwriting session, our Pineapple counsellor Peter Ricketts discusses Insured, Insurable, and Uninsurable products in today’s Market.

What You’ll Learn

  • The purpose of an Insured mortgage.
  • Who pays for the insurance is one very common question that is usually asked by clients and it is very important for agents to share this information with clients.
  • Peter explains the Max LTV, lender guidelines, downpayment, qualifying rate, etc of each classification.

Non-B20 Compliant Scenario

In this Deal and Underwriting session, Emerson Munsayac discusses Non-B20 compliant scenarios. He shares what Non-B20 Guidelines are when they started and updates that have been made since 2018.

What You’ll Learn

  • What Non-B20 Guidelines are when they started and what updates have been made since 2018.
  • What a stress test is, how it regulates the industry and how easily accessible it is through the Pineapple rate sheet.
  • A scenario that gives an idea of how the numbers work and how to get the right product sheet for different guidelines.

New to Canada Case Study with Don Chen

Pineapple Counsellor Don Chen, shares information and the importance of New to Canada clients.

What You’ll Learn

  • Who are new to Canada clients and the importance of these clients establishing a credit bureau history.
  • Requirements that are crucial for new to Canada clients who are looking to qualify for a mortgage.

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

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