- Broker resources
Future-forward,
Broker focused. - Servicing
- AVEO
- Alternative Solutions
- Rate sheets
- Contact us
The residential team continues its promise to innovate the mortgage experience for both our brokers and their clients. Not only have we introduced a number of exciting initiatives, but are working on further enhancements to existing platforms, internal structures and preparing to release new products—all to streamline process, timelines and efficiency.
First is the launch of AMI 2.0, which includes the ability to provide conditional commitments and preapprovals in seconds, offering our brokers more convenience and flexibility, transforming the way we do business together. And because the whole idea around AMI is to improve the broker and customer experience, our efforts do not stop: we are already working on AMI 3.0, which will be introduced later this year.
Continuing our customer forward vision, our promise to continuously innovate, and our guarantee to have the products and services our brokers need to manage the needs of their clients, we have exciting new products and programs coming to market this summer, so stay tuned for more updates!
And finally, an internal management change. We are pleased to introduce you to Andrew Gilmour, who is CMLS’s new Vice President of Residential Production and Capital Markets. Andrew’s extensive experience within the industry and depth of knowledge are sure to be an invaluable resource moving forward.
It’s been a busy time at CMLS, and this month we have successfully laid the foundations for a productive year ahead.
As a CMLS registered broker, this resource centre is designed for you to use as a quick reference tool to gain a better understanding of our products, policies and servicing. This resource centre will be updated regularly as changes occur to our lending guidelines and services..read more
Regional Manager, CMLS Alternative Solutions, Ontario
This month, The Advisor features Steve Farrugia, Regional Manager, Ontario, and Jaclyn Pintaric, Escalation Officer, [Area]. Read the interviews they gave CMLS, get to know their great personalities, and gain insight into all the things that make them such unique people.
Escalation Officer
Jaclyn Pintaric knows a thing or two about mortgages. Having an extensive underwriting background that spans many years and several lenders, she recently advanced to the role of Escalation Officer for the CMLS western underwriting team. Jaclyn has many passions, the love of a good wine, authentic schnitzel, and listening to Fleetwood Mac are only a few!
Here at AVEO Channel, we want to ensure that we are able to help turn around your deals faster. The presentation of your deal and the information provided with your submission will enable you to get quick turn arounds and develop a great relationship with your underwriter if you follow all or part of suggestions below.First, make note if you spoke to an RM regarding this deal, then ensure the following points are prioritized:
PURCHASE: COF date expiry
TRANSACTION TYPE:
LTV: %
BEACON SCORES:
TERM:
AMORTIZATION: 30yrs
LENDER FEE: $
RATIOS: % / %
RATE: %
DOWN PAYMENT
Provide details for all sources and details of gift if applicable and relationship of gifter.
NET WORTH
Very important to provide and complete in full – include any savings, RSP’s RESP, TFSA, This information helps support and mitigate a deal that may be borderline if your applicant shows capacity for savings and fallback.
PURPOSE/RATIONALE
Whether owner occupied, a rental or second home. Explain the purpose of your transaction/deal and what is being paid out with funds if any Rentals – address # of properties and how the rental income was applied to the application.
CREDIT
Address any discrepancies to name, address, employer, credit gaps, past bankruptcy, consumer proposal, family responsibility, collections etc. Address in detail any and all late payment history with reasons and current status.
INCOME
Salaried/guaranteed hours – provide details of employment, duration, position/title, overtime, bonus being used to qualify BFS verifiable – Average of NOA’s or line 150 for the past two years with mention that current bank statements available to show business is viable and on pace to make the same income.
BFS stated
6 -12 months bank statements with 2 methods to prove BFS and 3 invoices to match deposit.
Commission
2 years history of NOA or T4A -PROVIDE list of documents can you provide to support your income.
YOUR CONTACT INFORMATION
Very Important to provide name, phone number and email address of submitting agent so that underwriting can communicate if they have any questions.
DOCUMENT SUBMISSION
email to Mortgagedocuments.ca and cc your underwriter. Send in as many documents as you can upon submission of deal. Divide documents into sections for example:
Pdf #1 – income confirmation
Pdf #2 – purchase agreement and MLS
Pdf #3 – bank statements
Pdf #4 – gift letter
Do not send documents in one pdf – please separate
Please click on the link below if you would like a PDF copy.
AVEO Submission Notes Best Practice.pdf
Please call your AVEO Regional Manager to discuss your deals prior to submission to make sure they fit.
We were able to help a client secure financing on a 4-plex that was zoned under one title. The client came to us to utilize our Bank Statement approach to BFS income and our subject rental income to help get ratios in line. After working alongside us, and leveraging our resources, the client secured 80% LTV with 3 year rate at 3.19% with 30 year Amortization.
We allow four rentals and one owner occupied on client portfolio, and this one title property helped it fit under guidelines.
We are thrilled to announce that we have enhanced our AVEO lending area and product portfolio. We have added to our approved lending area and are able to add our Business For Self-Bank Statement Program to minor urban centres. We continue to hire and grow this team as we have experienced a sharp increase in volume of purchases happening in the Alternative Lending space.
For more information, please contact us.
Contact us
.
| Purchase/ Refinance |
Beacon 680+ |
Beacon 640-679 |
Beacon 600-639 |
Application Fee |
Finder Fees |
Rate Hold Purchase |
Rate Hold Refinance |
|---|---|---|---|---|---|---|---|
| 1 year | 2.59% | 2.89% | 3.19% | 1% | 50 | 120 days | 90 days |
| 2 year | 2.64% | 2.94% | 3.39% | 1% | 60 | 120 days | 90 days |
| 3 year | 3.04% | 3.29% | 3.49% | 1% | 60 | 120 days | 90 days |
Partnerships! This Spring we presented CMLS’ value proposition on CMHC insured multi unit residential dwellings to over 500 mortgage brokers. These presentations and workshops allowed us to identify several brokerages that either specialize in this space or are expanding aggressively given the number of new buyers looking at apartment building purchases. With these brokerages we have worked out several partnership arrangements to help attract, underwrite, and close their multi family deals. From help with marketing and underwriting to developing a deeper relationship with CMHC, we are working closer than ever with the mortgage brokering community across the country.
If you or your brokerage is becoming more active in this space reach out to Brian Ingram or Steve Ennis on how we can work together on your multi family deals and pay you the full commission. CMHC has also been active in promoting the CMLS platform as we will not only do your smaller apartment deals (as small as 5 units) but we will also help educate new brokers to package the deal and navigate it to a successful close.
Regional Manager,
Ontario, Strategic Lending
Group, Residential Mortgages
Regional Manager,
Western Canada,
Strategic Lending Group
Subscribe now to automatically receive both our Commercial Mortgage Commentary and Looking Forward Newsletter.
Thank you for your interest. We look forward to getting in touch.
Introducing Our
New Facebook Pages.
“Just checked the time stamp on my submission - submitted at 3:00pm flat, RECEIVED the approval at 3.34pm. That’s how it’s done folks.”
nextOn March 7th CMHC began accepting applications for their new multi-family insurance program targeting affordable, energy efficient, and accessible buildings…and the terms and conditions are FANTASTIC! It’s called MLI Select and if the building earns 100 “CMHC points” the borrowers will qualify for up to 95% LTV, 50-year amortization, 1.1x debt service coverage ratio with a 1.0% CMHC premium.
read moreHere’s the latest from our CMLS community across Canada.
