Lender’s Product Changes and Updates (June 2009)

Bridgewater Bank
1)  For all CMHC deals that run through Emili, make sure to include:  Profession & length of time in industry, Age of Property, Sq Footage of Property (Don’t include any basement suite area),   Original Purchase Price and Dates for Refinances.  BFS Income must be reasonable.

Firstline
1)  Revised Pricing on FNF  for BC only.  Land Titles have increased their registration fees so the new fee will be $402.60 effective July 2, 2009

ING Bank
1) Remember to Fax all supporting documents to ING.    Do Not email requests for changes to a deal.   Fax Header should include Client full names.  Make sure to use the CIF/Lender Reference # (7 – 9 digits long)
2)  All docs must be submitted 10 days prior to completion for Purchases and Refinances.  20 days prior to completion for Switches.
3)  Pre-Approvals  For each pre-approval submitted between June 1 and June 22, a rate hold certificate will be issued.   Should your pre-approval turn into a real deal make sure to quote the Deal ID or Client Number when re-submitting in the notes section.
4)  To increase the ID process for all switches,   ING have hired Centrac as well as First Canadian Title to give better turn around time.

MCAP
1)VIP M-Power variable mortgage is now at Prime + 35%.  Must fund before July 31/09.  For Purchases and Refinances only, minimum 15 year amortization.  For new business only, paying 80 bps.  Rate buy downs are not available using your yield account.
2)  Effective July 15, 2009 MCAP will NO longer except Fax or Email delivery for documentation.    All documents must be uploaded through Professor.

Merix Financial
1) 50/50 Wise Product.  Today if you put a client into the 50/50 product the net rate will be 3.57%    (Prime + 40% & 5 yr at 4.49%)
2)  18 month special – rate of 2.75%  (Additional .15 bps for rental properties)  Deal must close by Aug 28/09.  New deals only, no pre-approvals.  Switches and Transfers not permitted.  Commission paid based on a two year term.  This is a CMHC program so all cmhc guidelines will be used both conventionally and hi-ratio.  Submit deal through Filogix using a 1 yr term but in your notes section mention you want the 18 month term.

National Bank
1)  All-In-One Checklist – Must be owner occupied, max 4 units.  No rentals or second homes.  Not eligible for switches; Rate hold is for max of 90 days;  Max LTV is 80% for fully qualified, max LTV is 60% for BFS.  Max LTV 50% for equity program.   Min beacon is 670 for fully Q, Min beacon 680 for non-income qualifying.  Submit a regular mortgage and use the 3 yr posted and 25 yr am to qualify.  Make sure in the notes section state how you want to split the mortgage, if any or if you want it all in a LOC.

ResMor Trust
1)  Will now qualify their VRM using their 3 year fixed rate.
2)  30 day quick close – 5 yr special at 4.39% for AAA deals.  =  LTV > than 95% min beacon must be 650 for primary borrower and 620 for additional borrowers.  LTV <90% beacon of 620 for primary borrower and 600 for additional borrowers.  Must fund within 30 days
3) Rate Premiums – There will be an increase of .25% on the rate when:  Co-borrower release clause is requested.  Mortgage balance is under $50,000 or over $1,500,000..  There is less then 12 months credit reporting, or the property is a mobile home.

Street Capital
1) Ways to increase your turnaround time.  Provide details, minimum beacon of 600 and be current within 60 days.  Private sales only if arm’s length transaction.  All subjects must be met within a minimum of 5 business days.

TD Canada Trust
1)  Effective June 22, 2009, TD will no longer do pre-approvals or rate hold requests.  Pending pre-approvals already in the que will not be adjudicated but will be given a rate hold.

TMG Branded
1) 50/50 Mortgage eligible for Purchase, Refinances, Rental properties and business for self.    Ineligible transactions:  Pre-approvals, Transfers, No Frills, Second Homes, vacation homes, New to Canada.
2)  TMG Mortgages is very proud to have many strong relationships with numerous funding sources.    Now offering a 30 month term as well as a 4 yr term.

	TMG The Mortgage Group Canada Inc. #105 – 1385 West 8th Avenue Vancouver,British Columbia
Product changes and updates for June, 2009 Bridgewater Bank 1)  For all CMHC deals that run through Emili, make sure to include:  Profession & length of time in industry, Age of Property, Sq Footage of Property (Don’t include any basement suite area),   Original Purchase Price and Dates for Refinances.  BFS Income must be reasonable. Firstline 1)  Revised Pricing on FNF  for BC only.  Land Titles have increased their registration fees so the new fee will be $402.60 effective July 2, 2009 ING Bank 1) Remember to Fax all supporting documents to ING.    Do Not email requests for changes to a deal.   Fax Header should include Client full names.  Make sure to use the CIF/Lender Reference # (7 – 9 digits long) 2)  All docs must be submitted 10 days prior to completion for Purchases and Refinances.  20 days prior to completion for Switches. 3)  Pre-Approvals  For each pre-approval submitted between June 1 and June 22, a rate hold certificate will be issued.   Should your pre-approval turn into a real deal make sure to quote the Deal ID or Client Number when re-submitting in the notes section. 4)  To increase the ID process for all switches,   ING have hired Centrac as well as First Canadian Title to give better turn around time. MCAP 1)VIP M-Power variable mortgage is now at Prime + 35%.  Must fund before July 31/09.  For Purchases and Refinances only, minimum 15 year amortization.  For new business only, paying 80 bps.  Rate buy downs are not available using your yield account. 2) Effective July 15, 2009 MCAP will NO longer except Fax or Email delivery for documentation.    All documents must be uploaded through Professor. Merix Financial 1) 50/50 Wise Product.  Today if you put a client into the 50/50 product the net rate will be 3.57%    (Prime + 40% & 5 yr at 4.49%) 2)  18 month special – rate of 2.75%  (Additional .15 bps for rental properties)  Deal must close by Aug 28/09.  New deals only, no pre-approvals.  Switches and Transfers not permitted.  Commission paid based on a two year term.  This is a CMHC program so all cmhc guidelines will be used both conventionally and hi-ratio.  Submit deal through Filogix using a 1 yr term but in your notes section mention you want the 18 month term. National Bank 1)  All-In-One Checklist – Must be owner occupied, max 4 units.  No rentals or second homes.  Not eligible for switches; Rate hold is for max of 90 days;  Max LTV is 80% for fully qualified, max LTV is 60% for BFS.  Max LTV 50% for equity program.   Min beacon is 670 for fully Q, Min beacon 680 for non-income qualifying.  Submit a regular mortgage and use the 3 yr posted and 25 yr am to qualify.  Make sure in the notes section state how you want to split the mortgage, if any or if you want it all in a LOC. ResMor Trust 1)  Will now qualify their VRM using their 3 year fixed rate. 2)  30 day quick close – 5 yr special at 4.39% for AAA deals.  =  LTV > than 95% min beacon must be 650 for primary borrower and 620 for additional borrowers.  LTV <90% beacon of 620 for primary borrower and 600 for additional borrowers.  Must fund within 30 days 3) Rate Premiums – There will be an increase of .25% on the rate when:  Co-borrower release clause is requested.  Mortgage balance is under $50,000 or over $1,500,000..  There is less then 12 months credit reporting, or the property is a mobile home. Street Capital 1) Ways to increase your turnaround time.  Provide details, minimum beacon of 600 and be current within 60 days.  Private sales only if arm’s length transaction.  All subjects must be met within a minimum of 5 business days. TD Canada Trust 1)  Effective June 22, 2009, TD will no longer do pre-approvals or rate hold requests.  Pending pre-approvals already in the que will not be adjudicated but will be given a rate hold. TMG Branded 1) 50/50 Mortgage eligible for Purchase, Refinances, Rental properties and business for self.    Ineligible transactions:  Pre-approvals, Transfers, No Frills, Second Homes, vacation homes, New to Canada. 2)  TMG Mortgages is very proud to have many strong relationships with numerous funding sources.    Now offering a 30 month term as well as a 4 yr term.   Commission:  on 30 month:  40 bps upfront, 15 Volume Bonus, 15 bps efficiency .  4 yr:  85 bps upfront, 15 Volume Bonus, 15 Efficiency Bonus, renewals and trailers as usual