This week’s uninsured case study features a refinance of an owner-occupied property by a couple with bruised credit to consolidate debt and get cash out for basement renovation.
NEW EXPANDED LENDING AREAS
Offer more choice to your clients
with XCEED uninsured mortgage solutions
We’ve added more than 50 new locations to the lending areas approved
for our uninsured mortgage solutions.
You can view approved lending areas here.
This week’s uninsured case study features the refinance of an owner-occupied property to pay out a CRA judgment.
Last month, we made some changes to our process that required an uninsured file to be 100% complete—all conditions satisfied—prior to instruction.
Effective Tuesday, May 23, we will roll the same process out on the insured side. This means that all files, whether insured or uninsured, need to be complete before we instruct. We’ve found that this change helped shorten our timelines and made the entire process faster and more efficient for everyone.
Perfect Package Promotion
Earn additional 5 bps!! Just follow these simple steps:
- send the signed commitment back within two weeks of issue, and
- the full and complete doc package at least 10 business days prior to closing date
XCEED Broker-Lender Agreements Update
Going forward, we will require all submitting mortgage Brokers and Agents to have a current Broker-Lender Agreement on file with us.
This is the first step in our plan to update and simplify the submission process for our preferred broker partners. Whether you submit deals to XCEED directly or through a centralized hub, our new legal requirements include having a formal agreement with every individual we receive applications from. As our marketplace evolves, so must we.
If you do not have an up-to-date Broker-Lender Agreement on file with us, you can download the file here.
Effective May 16, 2017, the XCEED Commitment Package will include the Consent to Canada Revenue Agency (CRA Consent Form).
The CRA Consent Form might not be required for most deals, but we will include it in case we need to verify a Notice of Assessment submitted by the client. This is a common practice with many lenders and is much easier than the five-part T1013.
If you have any questions, please feel free to get in touch with your XCEED BDM.
Effective May 16, XCEED five-year insured mortgage rates will drop by 15 bps.
Insured mortgage rates apply to purchase applications only.
View our insured mortgage rates here.
This week’s uninsured case study features the purchase of an owner-occupied property using the co-applicant’s income despite an absence of credit.
This week’s uninsured case study features the refinance of an owner-occupied house by applicants with a recent Consumer’s Proposal.
This week’s case study features a mortgage refinance by an applicant with slow credit after Consumer’s Proposal.