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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

Fisgard

B2B

Merix Financial

Dear valued broker partner, 

We would like to invite you to attend a 2022 MERIX Financial Morning Update webinar hosted in collaboration with our industry partners at Sagen.

Please join us for valuable Ontario market insights provided by Greg Casey, Regional Risk Manager with Sagen. We will also be hosting a brief Q&A period!

There is no prior registration available for this webinar. Kindly save this email and use the access link below to attend the presentation. Please test your systems prior to the webinar.

EVENT DETAILS

Ontario Market Update

Date: October 26th, 2022

Time: 10:00 AM EST

Duration: 45 minutes + Q&A

Strive

We have launched our first product, full details below.  Our BFS product will be launched next week.

Aspire Rental Program:

The purpose of the program is to focus on the DSCR and the property as a whole, offering a low doc solution compared to traditional B lenders.

We will allow Hold Co’s, Student rentals, Short term rentals ( Air BnB style) and single family dwellings 1 to 4 units ( condos are included in this)

WE currently offer 3 and 5 year terms….we appreciate the feedback and will try and see what we can do on shorter terms ( 1 and 2 years)

3 and 5 year options are a good opportunity for borrowers looking at some of our niches…noting some of these deals may be tougher to get approved as the market continues to shift, so longer terms may be more attractive at this time 😊

Current 3 year starting rate is 7.99% plus 2%

WE can collect the broker fee on your behalf, or you can charge on your own 

Currently our max ltv is 65% in our acceptable regions….consideration to go above will be reviewed on a case by case basis ( I have attached the feature sheet for your reference)

Max Am is 40 years , min is 10 years

Interest only options are available, min beacon score of 700 

Submission Requirements :

Select Strive Aspire/Strive Alt

Appraisal with market rents….Aspire Approved Appraisal list attached (Strive reserves the right to amend this list at its discretion. Please refer to the attached approved appraisal list.

You may also order appraisals directly through Value Connect, Nationwide Appraisal Services (NAS) or Solidifi)

Please note a min of 6 months PITCH is required ( equity in a current home is acceptable)

All docs to are dated within 90 days of commitment

Rates are guaranteed for 60 days

WE can payout a private mortgage 

Just a reminder, we do not report on the bureau, and registration is under ComputerShare 😊

Industry Updates

TD

To: All Brokers

In keeping with our commitment to continue supporting the Broker Channel and help bring value to your business, we will be hosting another installment of our webcast series: Building your Business with TD Broker Services.

Devon Ajram will host this informative webcast on November 8th, 2022 at 2 PM EST and we have invited Derek Burleton, Vice President and Deputy Chief Economist for TD Bank Group back to provide an economic outlook with a focus on real estate.

This webcast is open to all!

To register for the event:

  • Click here to register, and enter your name, email address and firm name as your ‘organization’. Note: The same email used to register will be required to access the live event.
  • Be sure to use the ‘Add to your calendar’ feature.
  • In case of technical difficulties try refreshing your browser, using the latest version of Chrome and closing all other applications.
  • The event will be presented in English; however, French interpretation audio will be available. Closed captioning in both languages will also be available.

This event will provide an opportunity to enhance your knowledge and advice conversations by hearing from a TD specialist on economic and industry trends. We remain committed to building our business relationship with Brokers and look forward to hosting you on November 8!

Contact:

If you have any questions about this event or require more information about how TD can support your business, please do not hesitate to your Senior Regional Manager.

Home Equity Bank

Did you know: Over 8 in 10 (88%) of Canadians aged 50-64 currently have at least one social media account. This means that you could be missing out on a huge opportunity with this demographic. Digital tools can be essential in helping you build a presence, get leads and ultimately grow your business.

During this 45-minute webinar, HomeEquity Bank’s VP Marketing, Erin Wilson, will discuss how to access the exclusive, purpose-built marketing materials on Broker Launchpad and how these digital tools can help grow your business. Some of the topics we will be covering include:

  • How to promote your business by increasing your online presence
  • How to market yourself differently to stand out
  • How to use email to share your message

Host: VP Marketing, Erin Wilson, HomeEquity Bank

Date:  Thursday October 27, 2022

Time:  3 PM ET / 12 PM PT

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