It's Personal
What type of deposit account is not acceptable as security for a cash secured loan or LOC?
What is a chequing account?
What overall participation percentage is our new goal for the Protection Connection contest currently underway?
What is 25%
A non-member calls in and wants to be pre-qualified for a new mortgage. Can I start an application over the phone?
What is NO? We are not able to start an application until the non-member has been verified and ID has been recorded. (In person at a branch or via Third Stream)
What is the maximum lending value for new home purchase accepted by CMHC?
What is $1 million dollars?
When was the first real estate board set up in Canada?
What is 1888? The very first real estate board was set up in 1888 in the growing community of Vancouver. Back then a commercial lot on Hornby Street near the Hotel Vancouver sold for $600.
What is required for a vehicle purchased privately that is not required for a vehicle purchased through a dealership?
What is a copy of the vehicle insurance documents?
What is the name of the CUMIS platform where you can find the best current training and courses?
What is CUMIS Inspire?
Can I complete a new loan for members that are borrowing on behalf of someone else?
What is yes? (A Third-Party Statement would need to be completed for this type of lending)
What is the minimum down payment required on a home purchase of $600,000.00?
What is 5% of the first $500K and 10% or the remaining value? ($25,000.00 + $10,000.00 = $35,000.00)
What year were women finally allowed to obtain a credit card in their own name without a man's signature?
What is 1974? The Fair Credit Opportunity Act was introduced in 1974 which made it illegal to discriminate against applicants based on their religion, race, national origin and gender.
For unsecured lending, what is the general rule regarding net worth to determine the unsecured limit?
What is 50% of total net worth?
What is the maximum insurance term for GMP?
What is 35 years?
Can we issue lending for members currently in consumer proposal?
What is yes with Retail Credit Approval? (No unsecured lending is allowed. The trustee must be called to discuss the payment history and how far into the repayment program they are.)
What are 3 CMHC acceptable sources of traditional down payment?
What is cash from own proceeds, RRSPs, proceeds from sale of real estate or gift from a relative?
What year was CMHC created?
What is 1946?
What is the min value required of a vehicle held as collateral for a personal loan to be considered secured.
What is the at least $10,000.00?
What is the termination age for Monthly Premium protection?
What is 75?
A member wants to purchase a home on an island without ferry access. Can we entertain an application?
What is yes, as long as we can qualify under the SAGEN vacation property guidelines (A&B property types) and Lending Services reviews the application?
What additional confirmation of employment is required for non-permanent residents on a CMHC application?
What is employment authorization? (I.E. work permit or exemption confirmed with CIC as well as a letter from the borrower's employer confirming they are eligible to work in Canada).
When was the first credit score issued in Canada?
What is 1989? The first score was issued by Fair, Isaac and Company, now known as Fair Isaac Corporation (FICO) and is used to help financial institutions and credit card companies determine risk levels when issuing credit.
What minimum net worth is required on a $25 - 30K loan, in order to extend the amortization up to 120 months?
What is $150,000.00?
What is the elimination period on Single Premium?
What is 30 days?
An application for a $400,000.00 mortgage for my member has a LTVR of 51% can I complete a RAR or Drive by Appraisal?
What is yes, with Lending Services approval?
Will CMHC allow rent to own payments to be used as down payment on a new home purchase?
What is yes, as long as there is a written agreement that clearly stipulates the purchase price and monthly rent payments that are in excess of the current market rent?
When was the first mortgage issued in America?
What is the late 1700s? (After the formation of the first commercial bank)