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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.

Policy/Program Updates

MCAP

Please be advised that effective Tuesday, October 11th, 2022, all commitments issued by MCAP, will default to include property taxes in the mortgage payment.

Should your client wish to pay their property taxes independently from their mortgage – there is the opportunity to indicate this by checking off the box in the “property tax” section further along in the commitment letter.

Please contact your BDM should you have any questions.

RMG

Please be advised that effective Tuesday, October 11th, 2022, all commitments issued by RMG Mortgages will default to include property taxes in the mortgage payment.  

Should your client wish to pay their property taxes independently from their mortgage – there is the opportunity to indicate this by checking off the box in the “property tax” section further along in the commitment letter.

Please contact your BDM should you have any questions.

PROMOS

Community Trust

5.99% on 2 and 3 year terms with a 1% lender fee

6.49% on 2 and 3 year terms with NO lender fee

Available on ALL deal and property types (additional premiums continue where applicable)

Criteria:

680+ beacon score only (regular pricing applies for beacons below 680)

Deals must be submitted before October 31st

Deal must fund by November 30th

INDUSTRY UPDATES

TD

Peoples Bank

  • Agents will soon be able to submit but have to go through UW. 
  • Already added into the Rate sheet under ALT tab – use the link to get to product sheets.
  • Featured uninsured non-conforming mortgage – contract t+2% on 30-yr am, typically 42/50 but up to 60/70% on exception, 95% offset, foster care for income, interest only available for 1-2 yr terms.
  • Good rates
  • Not investor money, on the balance sheet.

Essential Tutorial Videos

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