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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.

Pineapple Rate Sheet

Click here to access the current rates.

Lender Information

Business Development Manager Update for MCAP – Michael Dixon replacing Patrick Soy

It is with mixed emotions that we share Patrick Soy, your Business Development Manager ended his journey with MCAP on March 28, 2022.

We would like to thank Patrick for his all contributions to our broker partners and to our team over these years.

In the interim, we are happy to share that Michael Dixon, BDM will be taking care of you and your team at MCAP.

Michael’s contact information:

Michael Dixon Business Development Manager

Southwest Ontario

M:647-206-4740

TF:1-877-525-4170

E:michael.dixon@mcap.com

www.mcap.com

NEW – Scotiabank Application Form 

Scotiabank has introduced a new information sheet that MUST be provided to every customer, PRIOR to submitting their mortgage application to Scotia Mortgage Authority.

Purpose:

This information sheet will assist clients with selecting the most appropriate Scotiabank product, outlining the benefits and risks of the different types of mortgages and secured lines of credit that they offer. 

Who Is Responsible:

Mortgage Brokers are responsible for reviewing this information sheet with customers and supporting any questions they may have.

Customer Acknowledgement Required:

As of Monday, March 28th, 2022, Scotia will also be updating their Commitment Letter to include an acknowledgement that the customer has received and understands the information sheet.

Where to find the sheet:

A copy of this information sheet is attached in the RELATED column, titled “What you need to know about Scotiabank Mortgages”. It will also be placed on the Scotia Mortgage Authority website, under “Guidelines + Information,” for download.

Additional Updates Coming Soon:

In the coming months, there will be additional updates related to these new consumer protection requirements, including:

·  New Conduct and Appropriateness training requirements for Mortgage Brokers and agents

·  Access to new technology and platforms to assess product appropriateness (specifically for those offering creditor insurance products)

Click here for the application document here

If you have any questions or concerns about the changes, please reach out to the Underwriting department directly by requesting consultation in leads or sending a chatter message in your deal.

UPDATE – Government Increasing Non-Resident Speculation Tax to 20 percent and Expanding it Provincewide

Increasing the tax rate to 20 percent and expanding the tax to apply provincewide will strengthen efforts to deter non-resident investors from speculating on Ontario’s housing market and help make homeownership more attainable for Ontario residents.

The Government of Ontario is eliminating loopholes to support Ontarians who are trying to buy their first home by focusing NRST relief eligibility only for newcomers who commit to laying down roots in the province long-term.

Effective for binding agreements of purchase and sale entered on or after March 30, 2022

Click here for more info

TD Tip Sheet – New to Canada – Insured 

Check out TD’s Tip sheet on the New to Canada Insured program by clicking the link below and using the “Related” tab to select “TD New To Canada”

Click here for more info

Essential Tutorial Videos

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