Technology
What app is our CRM?
Salesforce
How many days must be remaining on a work permit for us to allow borrower to secure a mortgage?
183 days from funding.
What percentage of RRSPs do we consider when qualifying a client for Net Worth program?
70%. 30% witholding.
Who at WFCU will be auditing our files pre-fund?
Steve or Nicole
How many float downs can a broker request?
Two (first is auto, 2nd would need to be escalated to Capital Markets [brett]) for approval.
How do brokers sign up to work with us?
Website form
What type of mortgage product is not eligible for a port?
VRM
What is the minimum loan for a stand alone HELOC?
$50K
How will our clients increase the balance on their HELOC?
-Request in client portal
-HELOC cheques
-Call Client Servicing line post-fund
What email can clients email post-fund for support?
servicing@unionlinkmortgage.ca
What do we classify a mortgage deal as in our CRM?
Opportunity
Name our three pre-payment privileges.
20% lump sum
20% payment increase
Double-Up
What insurer programs do we offer? Name three.
-Purchase Plus Improvement
-New to Canada
-Flex Down
-Homebuyer 95%
-BFS Alt-A
-Second Mortgage 95%
What type of form do we fill out and provide to AML in the event of a possible fraud?
Unusual Activity Report
Which brokerages will we be launching with after we have tested 15-20 brokers in our soft launch?
BRX & Indi
What two systems do our post-fund servicing team use to log changes to a client's mortgage.
-ACE
-Corebanking
What is the maximum projected income we will consider for the Medical Professional program?
$215,000
Name five countries on our High-Risk list.
(Reference sheet)
How does a client apply for Purchase Plus Improvement program with ULM?
-Must request the program in submission notes and include in TDSR
-Must complete our PPI form
-Receive insurer approval
-Borrower allowed up to two advances
What is the admin fee and rate used for bridge financing?
Prime Rate + 3.5%
$350 Fee
Name three tech apps that ULM will be using.
-Salesforce
-Intelilender
-Mailchimp
-Doxim
-Teams
-RingCentral
-OneSpan
Provide three features about our Net Worth program.
*Owner occupied & Second/Vacation/Rental
*LTV ranges based on FICO
*$ for $ above $250K
*assets must be held for 12-months
*assets include: Cash-like, Market-linked, RRSPs, TFSA, ESOP, Liquid
*Max 80% LTV using reg. income.
What are the three calculation items that are auto-calculated on our rental worksheet based on other input items? Not including total.
-Heat Cost
-Vacancy Rate
-Maintenance
What are the steps ULM takes to onboard a new broker? Name three of the steps.
-Onboard brokerage
-Broker website sign-up
-ULM broker application review
-License and socials check
What are three benefits of us having credit-unit funding?
-Provincially regulated
-Better lending regions (Physical locations across ON)
-Better pricing
-Differentiates us from other lenders
-Flexible TDSR ratios