CMLS is pleased to introduce our new Customer Loyalty Program, which was designed by combining our vision of customer forward thinking with our commitment to continual innovation.
The CMLS Customer Loyalty Program assists CMLS customers access their equity and/or potentially lower their current interest rates, while reducing, and in some cases completely eliminating, their payout penalty.
Early renewal transactions are also eligible under the CMLS Customer Loyalty Program. This feature allows current CMLS mortgagors to take advantage of low interest rate environments. Eligible prime mortgages can early renew without the financial impact of a payout penalty. This is accomplished by blending the penalty into a new 5 year term mortgage. The client may elect to pay a portion of the quoted penalty should they wish to further reduce their rate. Finder’s fees are payable based on extension of the term. Brokers who have selected renewal compensation at time of submission are automatically compensated on these transactions.
Adjustable rate mortgage conversions are also eligible under the CMLS Customer Loyalty Program. This feature allows current CMLS ARM mortgagors to take advantage of their ARM lock in privileges without penalty. If the broker assists in the conversion a finder’s fee is available based on extension of the term. Brokers who have selected renewal compensation at time of submission are automatically compensated on these transactions.
Customer loyalty refinance transactions are compensated on the new funds only. Customer loyalty early renewal transactions and adjustable rate mortgage conversions are compensated as per the below;
| Term Extension | Finder’s Fee |
|---|---|
| 1 Year | 15 basis points |
| 2 Year | 30 basis points |
| 3 Year | 45 basis points |
| 4 Year | 45 basis points |
| 5 Year | 50 basis points |
For full product details and to discuss specific file scenarios, please reach out to your
Please note, a signed client consent form is required to discuss file particulars.
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Thank you for your interest. We look forward to getting in touch.
