General Guidelines
The maximum debt servicing ratios permitted for our Near Prime qualification.
GDS 55% / TDS 55%
Name min. 2 Sagen programs we participate in.
-New to Canada
-Flex Down Payment
-Stated Income (BFS)
-Purchase Plus Improvement
Who is responsible for ordering an AVM/Desktop appraisal?
Underwriter, unless it's an insured deal.
What type of lender are we considered to be?
Monoline, Prime
How does a broker request an appraisal rebate?
Broker can submit a rebate request using the link in the Funded Milestone email.
What are our Bridge loan rate and admin fee values?
Rate = Prime + 3%
Admin = $350
New to Canada - What is the minimum time remaining on a work visa can we consider for a borrower?
180-days remaining from the time of submission.
What is an UW required to do prior to moving a deal into Outstanding Document review stage?
Review the first set of documents.
Name 2 facts about ULM that we use to promote ourselves to brokers.
-credit union-backed (provincially regulated)
-fast turn times
-communication-first approach (transparency)
-unique products
-custom technology
-in-house servicing
Where can a broker find our policies? *
-Lender Spotlight
-Broker Portal -> Resources
What percentage of rental income do we use for qualifying on an Owner-Occupied home with legal suite?
100%
What are 3 pieces of information that describe our Near Prime program?
-55%/55%
-1% or 2% fee
-graduation program
-qualify using traditional income
-rate based on credit score
-1-3 yr terms
What are the names of our six deal stages?
Deal Submitted, Conditionally Approved, Outstanding Document Review, Final Review, Broker Complete, Closed
What is our relationship to WFCU?
We are registered as a subsidiary under WFCU.
What do we call our low rate, 2% fee Near Prime program?
1 YR FLEX
The maximum combination loan-to-value (LTV) permitted when pairing a 1st conventional mortgage with a Meritline HELOC. *2 answers
-80% LTV for Owner Occupied
-65% LTV for Rentals
If broker is submitting a subject rental, how would they complete the rental worksheet different from a non-subject rental?
What is WFCU's role in our funding process?
WFCU team will send funds via Wire or CAFT to FCT. They send PAD to payments for mortgage payment. They set up Corebanking & ACE accounts for post-fund management
-Lend in BC
-Add an additional aggregator
-Create a full Alt program
-Add a servicing team
What types of Contact do we store in SF? *3
-Broker
-Admin
-Principal Broker
What is our float down policy?
-1st float down will receive approval. 2nd must be escalated for approval.
-Float down must be requested 3-business days prior to funding
-Promotional rates can only float down to a standard rate. If otherwise requested, must be approved Brett
What are 3 pieces of information that describe our Net Worth program?
-must qualify for $50K mortgage prior to utilizing net worth
-min. $250,000 in assets
-$1:$1 mortgage
-max. 80% TDS while using net worth
What are the three types of escalations?
Exception to Credit Risk, Rate Request, UTR (Fraud/AML)
What is our FSRA license number?
FSRA #13830
What small town does Jerrod live in?