Refinances
Do you need to upload confirmation of Property tax to the file for refinances deal even if UW does not ask for it?
You must upload confirmation of property tax or have called out in comments that you used proxy.
You need to have this upfront not after submission
If you upload a NOA to confirm income - what else are you needing to confirm and upload?
CRA taxes are not owning - If owing upload proof its paid within policy guidelines.
Tolerance threshold per borrower is the lesser of: 5% of Line 15000 on the most recent Notice of Assessment OR $5,000
When reviewing a Purchase agreement what are the key things you are looking for
signatures
Price
Deposit
Subjects and addendums
Address matches the system
When there is a Sale of Real Estate that will make up the Down Payment - what do you need to provide?
If you use esign, what other document needs to be uploaded with your signed documents.
esign summary - one for Credit and Privacy and then again when final docs are signed.
If you have payouts on a Reuse or Inhouse deal with instruction to close debts. What do you need?
Current statements - Uploaded
Signed Payout letters - uploaded
Input on Prefunding screen - direction to pay
What is needed on top of confirming Income for BFS clients?
Confirmation of Business for Self Status and Ownership
Examples:
Along with the Purchase Agreement, what also has to be provided
Property Discloser
MLS
Addendums
TD Gift Letter must be dated no older than ____ days from the original submitted application date.
TD Gift Letter must be dated no older than 90 days from the original submitted application date.
Who is responsible to ensure all credit quality conditions are met?
MMS
Do you review the Credit Compliance screen before you submit for final compliance.
As we live in BC, principal residence get grant on property tax. Which amount can we input on our application?
Full amount - it would be an exception and need to be asked for in comments to use grant amount
When do you need to have the Equity Lending Indicator flagged as Y?
Where income is grossed up ensure the Equity Lending indicator is flagged ‘Y’ and Business for Self is selected. Manual adjudication is required.
On a Purchase agreement - what conditions/ addendums need to be uploads?
Anything that "forms part of the contract" needs to be uploaded
Most Common:
Title / Subject removal
Property Disclosure
Do you need to confirm the deposit amount on a purchase agreement that will form part of the Down payment?
If a Down Payment is coming from a Business account what needs to be confirmed?
90 Days history along with transfer to personal account.
If you have a solicitor deal with non RESL payouts - what do we need to do?
Put in " Other Conditions" in CLK
When using Direct Deposit or Paystub - what is important to note?
You need to confirm if its semi monthly, bi-weekly or weekly
On a MLS listing - what details are you looking to confirm match your CLK?
Property Details - Sq Ft
Property tax amount
Strata / HOA fees
If you have a gift letter - what also has to be provided?
HNW Policy - Can we verbally confirm Liquid assets? What is the process?
No - Total required Liquid Assets are over and above Down Payment amount. Liquid Assets follow existing Down Payment Policy except that the liquid assets must be in Canada for a minimum of 90 days prior to application. The assets do not have to be with TD.
When you have an investment property - what instruction need to be added to all BC deals?
Rental Property in BC – SOL/IHR to register charge with Assignment of Rents must add the funding condition in the 'Other Approval Requirements' field under the Pre-Funding Details Screen on CreditLink. ▪ For IHR deals, Branch/MMS must copy and paste the funding condition in the 'Comments to Title Insurer' field under Registration Options screen on CreditLink
If using Canadian Child Benefits as income - what is needed?
Children have to be under 15 years old
DD to support or CBB annual statement
***The child(ren)'s age must be verbally confirmed with customer and documented in comments to UW.
If a property is sold "as is" or there is something disclosed on Property disclosure statement - what steps do you need to take?
Disclose it in comments
What do you have to provide to confirm Down Payment?
Review savings to confirm the accumulation within the 90 days history prior to the original submitted application date.
Overall, it should be reasonable
If an amount of over 10000 is deposited it has to be confirmed where it came from
Right before deal is sent to branch - what tool should you use to ensure your deal is compliant?
Credit Quality Checklist - in Team Harvey Policy chat