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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

Equitable Bank

Hi Team

Reverse mortgage demand is growing and there’s never been a better time to understand the solutions, the target borrower and how to reach them.

Please join the Equitable Bank team for our kick-off event in an exclusive 3-part reverse mortgage education series designed to help you tap into the reverse mortgage market.

Our kick-off event will be held on October 6th at 11 am, both in-person and online.

  • Join us in person at The Village Lofts, Bayview Village, 2901 Bayview Ave. North York, ON
    OR
  • Stream the event online at 11:30 am EDT
    You’ll hear from keynote speaker, Jeff Weiss, President and CEO of marketing consultancy, Age of Majority. As a Baby Boomer with over 30 years of marketing experience, Jeff will share insights to help you to better understand the 55+ audience.

Jeff will be joined by Equitable’s own Mahima Poddar, SVP and Group Head of Personal Banking, Jackie Uy Ham, VP Growth Businesses, Personal Banking Lending, and Osman Aziz, Senior Manager, Reverse Mortgage and Insurance Lending Credit. 

This kick-off event will help you better understand the target audience and the reverse mortgage market opportunity. Our subsequent online events will help you get a better understanding of how to educate and market to prospective clients.  More details to follow

Register here to attend in-person OR online!

Our live kick-off event will include a keynote address, lunch, and networking. Please note that the in-person event has a capacity of 75 people and is on a first come registration basis.

TD

To: All Brokers

The 2022 Spring Save with TD Offer is now extended until October 31, 2022, with a continued focus on simplicity! By keeping our offer easy to understand and implement, we’ll continue to help you remain competitive and elevate your advice conversations with customers.

Reminders:

  • Please advise any customers that were previously told they were ineligible for the offer, as their closing date was after August 31, 2022, that they are now eligible provided they meet all other offer conditions. 
  • TD Protection Plans are available to help customers safeguard their financial well-being. For more information, refer to the TD Protection Plans Broker Resource Centre.

What you need to know   

Cash Only Offer:

  • Purchase, Refinance and Transfer-in customers can benefit from a cash bonus of up to $3,000 based on the amount of new funds borrowed from TD. This year, customers who opt for a TD Home Equity FlexLine Term Portion may also be eligible for a cash bonus offer!

Minimum Borrowing Amount:

  • Customers can qualify for a cash offer with a minimum borrowing amount as low as $150,000!

Simplified Offer Conditions:

  • The offer is available on all TD Mortgage and TD Home Equity FlexLine with a Term Portion applications entered that meet the requirements and fund between March 7th and December 31st, 2022, inclusively. This means that any deal already in the pipeline qualifies!

TD Chequing or Savings Account:

  • If a customer chooses a TD Mortgage, the pre-authorized debit (PAD) payments must be debited from an existing or new TD Chequing or Savings Account in order to receive the cash bonus. In order to do this, the customer must provide details for the TD Chequing or Savings Account in the form of a ‘void’ cheque’ to the solicitor or notary at closing. Please ensure your customer understands this requirement.

Important: If the customer does not have an existing TD Chequing or Savings Account, they can open one via the following methods:

  • Online at Open a TD Account Online. Note: TD has introduced an online authentication process to further improve the remote experience for customers (i.e., reactivation of frozen accounts).
  • EasyLine telephone banking at 1-866-222-3456.
  • TD branch.

Cash Bonus:

  • Qualifying customers will automatically receive the cash bonus within 30 days of funding, as follows:
    • TD Mortgage: deposited directly to their TD PAD account
    • TD Home Equity FlexLine: applied directly to the Revolving Portion.

Continue connecting with customers that may still be considering their home financing options.

Contact

If you have any questions about this offer or require more information about how we can support your business, please reach out to our team of dedicated Regional or Inside Sales Managers.

Lendwise/Merix/NPX

Hello Broker Partners,

I would like to invite you to an upcoming presentation hosted by MERIX Financial with Sagen Senior Account Manager Julie Avery and Equifax Director, Solutions: Mortgage & Housing Eric Poblete: Credit Bureau Review Part #2.

This webinar is a follow-up to our past presentation, Understanding Credit Bureaus, and will further review how to obtain the pertinent details of your client’s credit history from a credit report.

Please email me your questions in advance to pass on to our partners.

The access link and additional details are below; I hope to see you there!

Credit Bureau Review Part #2

Date: September 21st, 2022
Time: 2:00 PM EST
Duration: 1 hour

Click Here for Access!

Meeting ID: 222 044 665 304
Passcode: NjbHsW

Essential Tutorial Videos

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