Underwriting Jeopardy!

TD Bank

100

Minimum beacon score required for TD to consider grossing up corporate income.

650.

300

Permitted LTV for Net Worth Applications.

80% subject to Sliding Scale where TDS<60%

65% subject to Sliding Scale where TDS>60%

500

3 property characteristics that differentiate cottage vs. vacation/recreational homes. 

Road Access, Heat and Water Source.

DUCA CU

100

Min. square footage for house and condo.

750 and 450 sqft. 

300

CCB age policy.

Ages of children must be obtained to ensure that the support will continue for at least 3 years

500

Auto Allowance Policy

Confirmation that this allowance is a taxable benefit Must have been received for at least 1 year

Community Trust

100

Allowage Acreage.

We can look at 50 acres but the value we use is only house + 5 acres value.

300

Equity Take Out Policy

• ETO less than $350k - nothing required
• ETO $350-$500 - SMRL approval and client interview
• ETO $500+ - SMRL approval, client interview, stat dec and/or additional docs

500

BFS income, # of bank statements required.

• 6 Months if net income is under 350k for qualifying
• 12 months if net income is over 350k for qualifying
• If income is under 100k you can proceed with Personal Bank statements
• If income is over 100k we will require Business Bank statements

ALT A

100

Permits up to 95% rental offset for subject and non subject rentals.

NPX

300

Offers both standalone 1st and 2nd position HELOC product. 

Community Trust.

500

Superior purchasing power between IC Savings and DUCA.

IC Savings.

AAA

100

Hold Co. lending.

Scotia and CWB

300

I offer a 4.49% HR interest rate.

Marathon.

500

Favourable rental worksheet between TD, Scotia, Merix.

Scotia.