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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

TD

CMLS

Did You Know Some of the niche policies CMLS has around Switch Transfer and/or HELOC? see below

  • Don’t forget that CMLS has the Switch and Increase option No Fee Switch + HELOC. Get a great Insured/Insurable rate on the 1st mortgage portion and P+0.50% on the HELOC (Registration cost is less than $600.00). This is cheaper to tap into your clients’ equity than an uninsured refinance! If you don’t know, your file can be grandfathered into insurable rates. Call me!
  • Did you know that a property purchased for under $1 million post B20 rule changes is still eligible for Insurable pricing on straight transfer or collateral Transfer? provided the purchase price is less than 1 Million post-November 2016 and property purchased before November 2016 (even if they paid over a million) could still be Insurable! Call me for more details.
  • Did you know that if you Transfer over a collateral mortgage to CMLS, you can re-amortize the mortgage back to 25 Years? 
  • Did you know you can Transfer two different charge Mortgages into CMLS as one Charge Mortgage – This will be done under our Collateral Switch Transfer program. 
  • Did you know that with our Mortgage/HELOC combo – you can transfer your clients’ mortgage Dollar for Dollar to CMLS at P-0.90% or 5.14% + Access the remaining Equity as HELOC portion at P+0.50% to pay out unsecured debt to make the deal work!

Did you know about CMLS 5 Year Fix 60 Day Special:

  • HR or Up to 65% LTV: 5.04% Paying 110BPS
  • 65.01% to 80% LTV: 5.24% Paying 110BPS

Did you know about CMLS Uninsured 5 Year ARM 30 Year Amortization available on Purchase & Refinance Currently @ P-0.40 Paying 100BPS ( Minimum Credit score 680 all App)

  • Max GDS/TDS 39%/42%
  • LOC Payments for qualifying-based, HELOC payments calculated at the approved limit and BOC rate amortized over 25 years, and unsecured LOC payments are calculated at 3% of the outstanding balance.
  • Occupancy: Owner Occupied, Second Home, and Vacation Property (Type A four season with all-year access).
  • No use of rental add-backs or spreadsheets.
  • No Specialty Programs: No New to Canada program, No Flex Down.

AVEO by CMLS

Good day brokers and mortgage agents!

GREAT NEWS! AVEO is now offering 35-year amortization!

  • The rate starts at 5.79% for a 1-year term for beacons above 680.
  • Owner occupied only
  • Verifiable income
  • Ratios 45/50
  • Up to 80% LTV in major or medium locations
  • Up to 65% LTV almost anywhere else

**Please note current one-year AVEO promo does not apply to this product.

Essential Tutorial Videos

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