Make your home your own.

Transcription

1 Broker Information Kit

2 Near-Prime : Product Features Purpose Property Type Term Purchase and Refinance Owner occupied Located in select urban markets in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario refer to lending location guidelines or Attain Mortgage Near-Prime Support for more details Prime marketable residential real estate with demonstrated ongoing re-sale demand Property must have a remaining economic life > requested amortization + 5 years 1, 2 and 3 year closed Rate Fixed Rate hold is 10 days from date of approval (60 days from date of approval with signed commitment) Loan Amount $100,000 to $750, Up to $1,000,000 in major metropolitan centers Loans greater than $1M in major metropolitan centres may be available on case-by-case basis Geographic and credit restrictions apply Down Payment 10% minimum from own resources, non-borrowed Confirmable on deposit with a recognized Canadian financial institution Equity Take Out Maximum cash out of $200, Credit History Minimum Beacon 550 Bankruptcy must be discharged Consumer proposal must be paid out in full : ȇ prior to advance (for purchases) ȇ from proceeds (for refinances) Maximum LTV Up to maximum 80% LTV LTV includes application fee Second Mortgages (Behind Attain 1st mortgage) Independent second mortgages allowed up to 80% combined LTV Amortization Minimum: 10 years Maximum: 30 years. Up to 35 years on exception considered on case by case basis GDS/TDS 50% / 50% : LTV < 65% 48% / 48% : LTV to 80% (British Columbia, Manitoba, Ontario) 44% / 44% : LTV to 80% (Alberta and Saskatchewan) 39% / 44% : 35 year amortization Payment Options Monthly, bi-weekly, weekly (accelerated) 20% Prepayment Privilege Annual lump sum up to 20% of the original principal amount (min $500). Unused portion cannot be carried forward. Not available on 1 year term. Prepayment Penalty Appraisal Property Taxes Early payout amounts are based on which year of the mortgage the customer is in. Year 1 = 3% x principal amount being prepaid Year 2 = 2% x principal amount being prepaid Year 3 = 1% x principal amount being prepaid Subject to Attain Mortgage Approved Appraiser List through SOLIDIFI Taxes are collected by Attain Mortgage and paid on borrower s behalf. Application and Finder s Fees For all terms standard 1% application fee and 50bps finders fee Upon request, application fees may be increased up to maximum 2% with half the fee payable as finders fee

3 Prime : Product Features Programs Offered Loan Purpose Loan Amount Terms Amortization Payment Frequency Interest Rate Property & Location Property Restrictions Credit Scores & Bureau Standard Purchase, Transfer/Switch (including Collateral), Rental Property, BFS Alt A (Stated), New to Canada, Purchase Plus, Second Home, Borrowed/Flex Down Payment Purchase up to 95% LTV (1-2 units max); up to 90% LTV (3-4 units) No Fee Transfer / Switch (will cover up to $3,000 in new funds to cover fees at the relinquishing lender) Rental Properties - major centres only, no condos, 2-4 unit dwellings (no single unit dwellings) Add 5 bps to standard rates for BFS Alt A stated income (Purchases Only): LTV up to 65% (back-end insured, Attain Mortgage to pay premium) LTV of to 90% (insured, borrower to pay premium) Bridge Financing available; contact Attain Mortgage Prime Support for more information. Minimum mortgage amount $50,000 (minimum $75,000 for Switch/Transfer). Maximum mortgage amount: High-Ratio: $924, premium Conventional: Maximum $750,000 Stated Income (Alt A): $750,000 in Greater Toronto, Calgary, and Vancouver; max $600,000 for rest of Canada Rentals: $750,000 in Greater Toronto, Calgary, Vancouver; max $600,000 for rest of Canada Exceptions for larger loan amounts may be considered case by case; contact Attain Mortgage Prime Support for details. FIXED: 1, 2, 3, 4, 5, 7 and 10 years ARM: 3 and 5 years (May convert into a fixed term equal to closest and greater than the time remaining in current term, i.e. 1.4 years remaining, must be converted into a 2 year term or greater) Minimum 10 years Maximum 25 years Monthly / Semi-Monthly / Bi-Weekly / Weekly (Accelerated payments are also available) 120 day rate guarantee. Borrower is entitled to a one-time rate drop up to 5 days prior to closing. Fixed: Interest is compounded semi-annually, not in advance ARM: Interest is compounded monthly, not in advance Primary Residence (1-4 units), Rental/Investment (2-4 units), Second Home (maximum 1 unit), New Construction and existing properties. Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand. The property must be located in areas that are acceptable to Attain Mortgage and must be suitable and available for year-round occupancy. In addition, the property must meet the following criteria: 1. Residential zoning 2. Fully self-contained 3. Remaining economic life > Requested Amortization + 5 years New construction must be covered by a Attain Mortgage approved New Home Warranty Program. Minimum Population: Attain Mortgage will lend in areas with a minimum 5000 population. Minimum square footage: 750 square feet (Condo must be 500 square feet and minimum 1 separate bedroom). Ineligible: Leasehold properties, Seasonal use or Seasonal access, Quarter share/shared ownership or fractional interest, Rental Pools, Rental Condos, Floating homes, Rooming/boarding houses, Water access only homes, Properties with restricted covenants, Grow Ops or deemed remediated, Co-operative/co-ownership housing, Mobile or Modular homes, Heritage homes or designated Historical Home, Time share properties, Life leases, Geo-thermal/ dome homes, Commercial and industrial use properties, Working farms (including hobby farms), Vacant land, Rural areas with population less than 5,000, Log homes, Homes on reserve lands, Rent to Own, Post-tension cable construction, Properties with incomplete repairs, including condos with incomplete remediation, Foundations other than poured concrete or concrete block, or concrete pad/piers. High or Low Ratio Insured files, require a minimum beacon score of 640 for all applicants. Low Ratio Insurable files, require a minimum beacon score of 680 for at least one applicant and minimum 640 for any other applicant. Low Ratio Uninsured files, require a minimum beacon score of 680 for all applicants. Specialty programs may have additional beacon score requirements. Applicants contributing to income should have 2 established trade lines reporting for 12 months. A zero beacon score due to lack of credit will only be allowable for New to Canada applications, we will permit income from a zero beacon so long as sufficient alternative credit has been demonstrated, and meets insurer guidelines. The age of the credit bureau must not exceed 30 days at the time of submission. Page 1 of 2

4 Prime : Product Features Prepayment Privileges Up to 20% of the original principal amount, per year, without penalty. Multiple payments allowed (minimum $100). Payment Increase Fixed and ARM: Option to increase payment by up to 20% of the original registered amount, without penalty each anniversary year. Changes to Prime (ARM Only): P & I payment will be adjusted each time there is a change in Attain Mortgage Prime, on the payment following the change. Early Payout Penalty Fixed: Greater of 3 months interest or Interest Rate Differential (based on Attain Mortgage posted rate). For fixed rate terms > 5 years, if prepayment occurs after the first 5 years of the term, only a prepayment charge of 3 months interest calculated on the outstanding loan amount is required. ARM: 3 months interest at current customer rate Assumability & Portability Appraisals Property Taxes Special Notes Available upon qualification. Attain Mortgage will allow a maximum of 30 day gap on a Ports Appraisals are not always required by Attain Mortgage. In the event that a full appraisal is required: 1. On high-ratio mortgages the cost will typically be borne by the mortgage insurer (other than for private sales). 2. On conventional mortgages the cost will be borne by the borrower (other than for switch/transfer) and must be completed by an Attain Mortgage approved appraiser. By default, taxes are collected by Attain Mortgage and paid on borrower s behalf where LTV >80%. Exceptions may be permitted case-by-case, see property tax tip sheet for full details. Attain Mortgage requires all mortgages to have Lender Title Insurance. Page 2 of 2

5 Attain Lending QTEN Attain QTEN How viable is your deal? We developed Attain to be accessible to a wide range of clients. If you have a deal you would like us to finance, but are not sure whether your client qualifies, please call Attain Mortgage Near Prime Support or Underwriter to help you assess the viability of the deal. Lending Areas* Financing is available in the following Major Urban Centres: British Columbia Vancouver CMA Alberta Calgary CMA Edmonton CMA Saskatchewan Regina Saskatoon Manitoba Winnipeg CMA Ontario Toronto GTA/CMA Ottawa CMA Hamilton CMA Kitchener Waterloo CMA Barrie Attain QTEN Here is what we will need to know in order to set pricing: 1. What is the property address? 2. What is the property type? 3. What is the LTV? 4. What is the property being used for? 5. What is the loan purpose? Purchase or refinance? 6. What is the loan amount? 7. What is the client s credit score? 8. Has the client filed for Bankruptcy or Consumer Proposal? 9. Does the client have significant unpaid collections? 10. What type of income verification can the client provide? * Lending areas are listed for Major Urban Centres only; for additional information on our lending areas please see lending guidelines or contact Attain Mortgage Near Prime Support. Once we have the answers to the QTEN, we ll be able to rapidly assess viability. Have questions or require further information? Please call your Near Prime Underwriter or Attain Mortgage Near Prime National Support at

6 Interest Rate Sheet Effective Date/Time: October 25, :00 AM EDT Government of Canada Benchmark: 5.34% Attain Mortgage Prime (P): 3.95% Non-Insured Rates Purchase, Refinance, Transfer (from Major Bank or Financial Institution), Verified Income Only, max $1 Mil Loan amount, LTV Ratio Upfront Model Renewal Model Finder Fee (BPS) Rate (%) 5 Year Fixed Finder Fee (BPS) At Closing At Renewal Rate Hold (Days) Up to 75% Year ARM Up to 75% P *Add 10 bps to Rate for Insured Rates For ALL Non-insured business, a minimum beacon score of 680 is required for ALL Customer Paid Insurance - Insured Purchases or Switch/Transfers Only - **1 to 4 Year Low Ratio requires customer paid insurance** Fixed Rate (%) Upfront Model Renewal Model Finder Fee (BPS) Finder Fee (BPS) At Closing At Renewal Rate Hold (Days) 1 year year year year year Year ARM 3 year P year P For ALL Insured business, a minimum beacon score of 640 is required for ALL Low Ratio Insurable Rates Insurable purchases and Upfront Model Renewal Model Finder Fee (BPS) Fixed Rate (%) Finder Fee (BPS) At Closing At Renewal Rate Hold (Days) Up to 65% % to 70% % to 75% % to 80% Year ARM Up to 65% P % to 70% P % to 75% P % to 80% P For ALL Low Ratio Insurable business: at least one applicant requires a 720 beacon for best applicable rate, or 680 to 719 beacon for best applicable rate + 10bps. All other applicants require a min beacon of 640. For National sales support click here. Page 1 of 2 Disclaimers: The information and rates above are subject to change at any time without prior notice Issue Code: CMLS Financial FSCO License No: 11749

7 Interest Rate Sheet Effective Date/Time: October 25, :00 AM EDT Government of Canada Benchmark: 5.34% Attain Mortgage Prime (P): 3.95% Rate Adjustments and Restrictions: A 5 bps rate premium will be added for Insured or Insurable BFS Alt-A A 15 bps rate premium will be added for Non-Insured Rentals Rentals: 1 to 4 Unit properties allowed for Non-Insured terms, 2 to 4 Unit Properties allowed for Insured or Insurable terms. Insured or Insurable Rentals or BFS Alt-A over 65% LTV require client paid insurance 5 year Collateral Transfers: No Fee to the client subject to a 10 bp reduction in compensation Automated Pre-Approval Policy: A 10bps premium will be charged for pre-approvals. When deals become live, the prevailing rate is the lesser of either the pre-approved rate or current discounted rate (at time of live deal) Important Notes: 1 to 4 year terms require customer paid insurance at ALL LTV s. Contact Attain Mortgage Prime Support for further details. Rate Buydowns: You may buydown rates in exchange for reduced commission, determined by the Attain Mortgage rate buydown calculator. You must indicate instructions for buydowns in the deal notes. If rate drops after submitting, we will still apply the buydown unless you advise the underwriter in writing to remove it. The maximum buydown is 15bps. Rate Guarantee: Borrowers are entitled to one (1) time rate drop up to fi ve (5) business days prior to funding date. Request must be in writing. Page 2 of 2 Disclaimers: The information and rates above are subject to change at any time without prior notice Issue Code: CMLS Financial FSCO License No: 11749

8 Low Ratio Promo Sheet Effective Date/Time: October 25, 2018 Government of Canada Benchmark: 5.34% Attain Mortgage Prime (P): 3.95% Low Ratio Insurable Term Rate (%) Note: Insurance Premium paid by Attain Mortgage Upfront Model Finder Fee (BPS) Renewal Model Finder Fee (BPS) At Closing 5 Year Fixed (All LTVs) Year ARM (All LTVs) P At Renewal Available For: AB Maximum LTV is up to 65% ON Maximum LTV is up to 75% BC Maximum LTV is up to 75% SK Maximum LTV is up to 75% MB Maximum LTV is up to 75% The maximum buydown is 15 bps Requirements Must request Low Ratio Insurable Promo in the notes section of the Filogix application Must close on or before December 31st, For ALL Low Ratio Insurable business, a minimum beacon score of 680 is required for at least 1 applicant All deals must be Genworth Insurable ONLY NEW business only. For purchases and insurable transfers No surcharges for all available for LTV bands 5 year Collateral Transfers: No Fee to the client subject to a 10 bp reduction in compensation For National sales support click here. Disclaimers: The information and rates above are subject to change at any time without prior notice

9 7 & 10 Year 120 Day Promo 3 Year 45 Day Quick Close Effective Date/Time: October 25, 2018 Government of Canada Benchmark: 5.34% Attain Mortgage Prime (P): 3.95% LTV Ratio Rate (%) 3 Year Fixed 45 Day Quick Close Upfront Model Finder Fee (BPS) Renewal Model Finder Fee (BPS) At Closing Up to 65% % to 95% (High Ratio) Year Fixed 120 Day Promo Up to 65% % to 70% % to 75% % to 80% % to 95% (High Ratio) Year Fixed 120 Day Promo Up to 65% % to 70% % to 75% % to 80% % to 95% (High Ratio) Insurable or Insured Purchase or Switch/Transfer business Requirements For Switch/Transfer business Maximum capitalization of penalty/fees of $3,000 for all LTVs, min 12-year amortization Collateral Transfers: Allowed on 7 & 10 Year Promo terms. No Fee to the client subject to a 10 bp reduction in compensation Owner Occupied, Second Home, Vacation Property (Type A, four season with all year access) Beacon Required: High Ratio Insured: min 660 for all applicants; Low Ratio Insurable: min 720 for at least one applicant & min 660 for any other applicant Verified Income Only, No New to Canada program, No Stated Income, min 3 years in business if BFS, No Gross up of BFS income, no use of rental addbacks or rental spreadsheet Maximum GDS/TDS 39%/42% Maximum Rate Buy Down is 15 bps for the 3, 7 and 10 year terms. ON, MB, SK, BC, All LTV s are available Alberta: Max 90% LTV, for location restrictions call Attain Mortgage Prime Support, Condos in Alberta allowed only in Calgary, Edmonton, Red Deer & Lethbridge New Business Only, No Float Downs 3 Year Fixed for Purchases Only. For National sales support click here. Disclaimers: The information and rates above are subject to change at any time without prior notice

10 Near-Prime : Product Features Effective Date/Time: Government of Canada Benchmark: 5.34% Fixed Rate (%) Application Fee Finder Fee (BPS) Rate Hold 1 year Starting from 3.73 Minimum 1% 50 / 50 Application Fee Split Fixed 2 year Starting from 4.24 Minimum 1% 50 / 50 Application Fee Split Rate hold is 10 days from date of approval (60 days from date of 3 year Starting from 4.33 Minimum 1% 50 / 50 Application Fee Split approval with signed commitment) The rate will be determined on a deal by deal basis, taking into consideration a number of factors, including and not limited to: Down Payment Credit History Property Type GDS/TDS Term LTV Product Information Property Type Owner occupied and Rentals Located in selected Urban & Business Centres in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario refer to your Underwriter Prime residential real estate with demonstrated ongoing re-sale demand. Property must have a remaining economic life > requested amortization + 5 years Loan Amount $100,000 to $750,000 Up to $1,000,000 in the Greater Vancouver Area and the Greater Toronto Area Loans greater than $1,000,000 may be available on case-by-case basis Geographic and credit restrictions apply GDS/TDS 50% / 50%: LTV < 65% 48% / 48%: LTV to 80% (British Columbia, Manitoba, Ontario) 44% / 44%: LTV to 80% (Alberta and Saskatchewan) 39% / 44%: 35 year amortization Lending restrictions apply for properties located in Alberta and Saskatchewan, please contact Attain Mortgage Near Prime Support for details. For National sales support click here.

11 Connect Mortgage : Product Features Programs Offered Loan Purpose Loan Amount Terms Amortization Payment Frequency Interest Rate Property & Location Uninsured Conventional Refinances *Subject to Availability Attain Connect Mortgage - this is a membership mortgage and the name of the partner will be disclosed at the time of Commitment. There is no obligation to obtain any other financial products. Purchase up to 95% LTV (1-2 units max); up to 90% LTV (3-4 units) Refinance and Uninsured up to 70% LTV (BC and ON only) No Fee Transfer / Switch (will cover up to $3,000 in new funds to cover fees at the relinquishing lender) Owner Occupied and Owner Occupied Rentals Only and Second Homes Not available on Pre-approvals Minimum mortgage amount $50,000 (minimum $75,000 for Switch/Transfer). Maximum mortgage amount: High-Ratio: $924,999 + premium Insurable: Maximum $750,000 Refinance and Uninsured: Maximum $750,000 Exceptions for larger loan amounts may be considered case by case; contact Attain Mortgage Prime Support for details. FIXED: 5 year closed term ARM: 5 year closed term All LTV s: Minimum 10 years HR and Insurable: Maximum 25 years Refinance and Uninsured: Maximum 30 years Monthly / Semi-Monthly / Bi-Weekly / Weekly (Accelerated payments are also available) 120 day rate guarantee. Borrower is entitled to a one-time rate drop up to 5 days prior to closing. Fixed: Interest is compounded semi-annually, not in advance ARM: Interest is compounded monthly, not in advance Maximum 10 bps buydown is permitted Primary Residence (1-4 units) Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand. The property must be located in areas that are acceptable to Attain Mortgage and must be suitable and available for year-round occupancy. In addition, the property must meet the following criteria: 1. Residential zoning 2. Fully self-contained 3. Remaining economic life > Requested Amortization + 5 years New construction must be covered by a Attain Mortgage approved New Home Warranty Program. Owner Occupied and Owner-Occupied Rentals Only Minimum 680 Beacon for All Applicants No Previous Bankrupt Applicants Allowed Maximum LTV 70% Minimum loan amount $50,000 Full Appraisals Required 5 Year Term Only All other Attain Connect product features apply Page 1 of 2

12 Connect Mortgage : Product Features Property Restrictions Subject property must be located in the cities of Calgary or Edmonton for Alberta applications Minimum Population: Attain Mortgage will lend in areas with a minimum 5000 population. Minimum square footage: 750 square feet (Condo must be 500 square feet and minimum 1 separate bedroom). Ineligible: Leasehold properties, Seasonal use or Seasonal access, Quarter share/shared ownership or fractional interest, Rental Pools, Rental Condos, Floating homes, Rooming/boarding houses, Water access only homes, Properties with restricted covenants, Grow Ops or deemed remediated, Co-operative/co-ownership housing, Mobile or Modular homes, Heritage homes or designated Historical Home, Time share properties, Life leases, Geo-thermal/dome homes, Commercial and industrial use properties, Working farms (including hobby farms), Vacant land, Rural areas with population less than 5,000, Log homes, Homes on reserve lands, Rent to Own, Post-tension cable construction, Properties with incomplete repairs, including condos with incomplete remediation, Foundations other than poured concrete or concrete block, or concrete pad/piers. Credit Scores & Bureau One Applicant must have a minimum beacon score of 680 and should have 2 established trade lines reporting for 12 months. The age of the credit bureau must not exceed 30 days at the time of submission. Prior bankrupts are required to be discharged > 2 years ago, and must have 2 active re-established trade lines reporting for 24 months, and no re-occurring arrears since time of discharge. Applicants having had a foreclosure or power of sale are not eligible. Fully qualified purchases and switches only. Maximum LTV 85%. Prepayment Privileges Payment Increase Early Payout Penalty Assumability & Portability Appraisals Property Taxes Special Notes Fixed and ARM: Up to 20% of the original principal amount, per year, without penalty. Multiple payments allowed (minimum $100). Fixed and ARM: Option to increase payment by up to 20% of the original registered amount, without penalty each anniversary year. Fixed: Greater of 3 months interest or Interest Rate Differential (based on Attain Mortgage posted rate). For fixed rate terms > 5 years, if prepayment occurs after the first 5 years of the term, only a prepayment charge of 3 months interest calculated on the outstanding loan amount is required. ARM: 3 months interest Available upon qualification. New Borrower must sign the Consent to disclosure and use of information which forms part of the Mortgage Commitment. Porting is available subject to qualification. Product restriction allowing for ports within the same province only as the original subject property. Appraisals are not always required by Attain Mortgage. In the event that a full appraisal is required: 1. On high-ratio mortgages the cost will typically be borne by the mortgage insurer (other than for private sales). 2. On conventional mortgages the cost will be borne by the borrower By default, taxes are collected by Attain Mortgage and paid on borrower s behalf where LTV >80%. Exceptions may be permitted case-by-case, see property tax tip sheet for full details. When submitting a Attain Connect Mortgage application, please ensure that Attain Connect Mortgage is clearly stated in the submission notes. In order to be eligible for this program, the Consent to disclosure and use of information document, which forms part of the Mortgage Commitment, must be signed. The partner is disclosed at this time. Attain Mortgage will complete the membership application there is no fee or financial obligation towards the partner. Upfront Model Finder Fee only. Must be insured or insurable by Attain Mortgage or Genworth only. Attain Mortgage requires all mortgages to have Lender Title Insurance. Page 2 of 2

13 Connect Mortgage : Interest Rate Sheet Effective Date/Time: October 25, :00 AM EDT Government of Canada Benchmark: 5.34% Attain Mortgage Prime (P): 3.95% Insured/Insurable Rate (%) Fixed Upfront Model Finder Fee (BPS) Rate Hold (Days) 5 Year Insured (For high-ratio only) 5 year Insurable* (For all LTVs up to 80%) Uninsured Rate (%) Upfront Model Finder Fee (BPS) Rate Hold (Days) 5 Year Fixed Uninsured Up to 25 yr Amortization and 70% LTV 5 Year Fixed Uninsured Up to 30 yr Amortization and 70% LTV Rate Adjustments and Restrictions: Available in Ontario only Maximum 10 bps buydown is permitted NEW business only for Insured Rates 5 year Collateral Transfers: No Fee to the client subject to a 10 bp reduction in compensation Submission Requirements: Must enter Attain Connect on the Filogix submission notes Insured/Insurable Requirements: Minimum 680 Beacon for One Applicant *Minimum 720 Beacon for One Applicant for best applicable rate, or 680 to 719 for best applicable rate + 10bps (For LTVs 70.01% to 80%) Uninsured Requirements: Minimum 680 Beacon for One Applicant Full Appraisal Refer to Attain Connect mortgage Product Sheet for further details For National sales support click here. Issue Code: CMLS Financial FSCO License No: 11749