Acronyms
This common acronym refers to the percentage of a home's value a borrow can access
What is LTV?
This measures how many leads become applications
What is conversion rate?
This is the min. qualifying age to take out a reverse mortgage in Canada
What is 55?
This type of mortgage does not require monthly payment from the borrower
What is a reverse mortgage?
This department prepares the legal instructions and ensures all docs are registered
What is the Funding team?
This refers to the system used to store lead and customer information
What is CRM?
This measures how quickly the team responds to new leads
What is speed-to-lead?
This is EQ's primary reverse mortgage competitor
What is Home Equity Bank?
This cost accrues over time and increases the loan balance
What is interest?
This existing debt is most commonly paid out at funding
What is an existing mortgage or HELOC?
This describes a lead that has shown intent but hasn't applied yet
What is MQL?
This number tracks how many inbound calls were missed
What is Abandon rate?
This website form is commonly used to generate prospective client contact information
What is the REM Calculator?
This professional provides independent legal advice before closing
What is lawyer or notary?
This 3rd party entity works in tandem with EQ to fund new loans
What is First Canadian Title?
This metric calculates how much EQB spends to acquire on funded customer
What is CAC?
This volume metric reflect how much money the borrower first draws
What is Initial Advance?
This document outlines the interest rate, fees and terms once approved
What is the Mortgage Committment?
This event triggers repayment of a reverse mortgage
What is the borrower selling the home or passing away?
This proof ensures the property is protected on funding day
What is proof of insurance?
This marketing metric measures the percentage of people who click on an ad?
What is CTR?
This number ultimately defines success across Marketing, Sales, Credit, and Funding
What are Funded loans?
This feature ensures customers never owe more than the value of their home
What is the no-negative-equity guarantee?
This obligation must remain current to avoid default
What are property taxes?
This statement is often requested to other financial institutions for payout