Guidelines for 1st and 2nd Mortgages (con't)
| Property Taxes | All taxes must be up to date for all refinance deals |
| Title Insurance | Required for every deal |
| Variable Rate | Not available |
Submission
Procedure - the 5 Steps
Step 1: The mortgage agent takes the application from
the client and collects the supporting documents. The reason that we ask
for support documentation is to establish the interest rate and the terms
and conditions of the deal, not to approve or decline the application.
Step 2: The mortgage agent sends the electronic application
to us via Morty (we are one step up from Scotia Bank) and faxes to us
all supporting documents.
Step 3: As soon as we receive the electronic application
and the fax of support documents we will process it. It will take Maximum
2-3 days to issue an approval, at which point we will request an INTERVIEW
with the client, at which all papers will be signed in person. Our lender
cost will be added to the mortgage.
Step 4: Our legal department will close the deal.
Step 5: The day after closing we will pay the agreed
Finder’s Fee to the mortgage agent depending on the size of the
mortgage and risk factor. And we will send copies of the statement of
mortgage for the broker’s records.
Why we are different;
We are in a unique position to accept high-risk “C” client
deals.
We are an equity lender and able to approve deals based on the current
market value of properties. We are the only company able to do this. For
example, any applications made by your broker through Equitable Trust
and Home Trust, and declined, are still viable applications to make with
us.
Most private lenders require extensive documentation and interviewing
for the application, and then take 2-3 weeks to approve or decline. We
will take a maximum of 2-3 days to issue an approval. And as soon as we
receive the results of an appraisal, we can sign the client and refer
the deal to the legal department to disburse the funds. Upon closing we
immediately send the broker’s finder’s fee and a copy of the
statement of mortgage.
We also provide free seminars to improve your agents’ efficiency
and their understanding of the “C” client market.