UNINSURED - XCEED Mortgage Corporation

UNINSURED
Product
and Policy
Overview
XCEED Mortgage
Corporation
MCAN-XCEED 2015
HELPING CANADIANS
MAKE IT HOME
XCEED Uninsured
Mortgage Solutions
Meet our fully-featured, uninsured mortgage solution suite
from XCEED, available to select mortgage Brokers across
Canada.
We highlight property as the cornerstone of our
uninsured lending philosophy, that allows Canadians
with unique circumstances to attain or preserve home
ownership.
XCEED 2015
Product Highlights:
1, 2 and 3-year fixed terms.
Up to 80% LTV on owner-occupied properties; 75% LTV on rental properties.
Minimum Beacon of 500 for primary applicant, Beacon Rejects with no credit
considered for co-applicants.
120-day rate hold on purchase; 60-days on refinance.
Up to 30-year amortization.
Fully-featured mortgage solutions:
20/20 prepayment privileges.
XCEED uninsured mortgages can be paid out
at any time for any reason, with penalty.
XCEED 2015
We offer Flexibility:
We cap administration fees of 1% maximum into
principal balance of mortgage, when possible.
No hold-back for property taxes, which means we
offer your client even more money at closing.
These features offer clients an increased cash-out
amount on refinance transactions or a lower downpayment on purchase transactions.
For example, average property taxes on a $500,000 home in Toronto are 10%, or
$5,000, per year. A six-month tax hold-back would equal $2,500 and a 1% admin
fee would equal $5,000. MCAN-XCEED is able to offer your client $7,500 more on
principal amount, to be used towards things like debt repayment and home
improvements.
XCEED 2015
We offer Peace of Mind:
Free Home System Warranty Insurance from XCEED
Mortgage Corporation and Encompass Home Service™
for the first year of two and three-year mortgage terms
and the first six months of one-year terms!
Worth up to $10,000 annually in eligible
home repairs to home systems, such as
central heating and air conditioning,
electric, water heater and plumbing.
XCEED 2015
We offer Opportunity:
Up to 80% LTV on single family properties, including
apartment condominiums in major centres, and 75%
LTV on rentals.
XCEED will allow secondary financing
up to 90% LTV.
Broker-driven private funds are
welcome!
XCEED 2015
We offer Growth:
Some Canadians do not always have a wide range of
options when it comes to home financing.
We change that!
We offer solutions for
• clients with damaged credit;
• clients with Beacon scores from Beacon Reject to
800+ considered; and,
• self-employed applicants using non-traditional
income verifications.
Finders Fees 10 BPS higher
With our Pricing Promotion running until
December 31, 2015!
1-year terms: 70 BPS
2-year terms: 80 BPS
3-year terms: 95 BPS
XCEED 2015
XCEED Customer Profile
Here are just a few examples of the clients we can offers solutions to,
who might otherwise be excluded by other lenders. :
Client #1, who is gainfully employed with verifiable income, yet has
damaged credit due to a major life event. We can offer this client a
refinance or purchase deal up to 80% LTV.
Client #2, who is self-employed and unable to confirm
income via traditional means. We can offer this client a
refinance or a purchase deal up to 80%.
Client #3, who is a professional, owns a few rental
properties and has been denied by other lenders due to
concentration. We can offer this a refinance or purchase
deal up to 75%.
XCEED 2015
Credit overview
Minimum Beacon score of 500 for main applicant, Beacon Reject
with no credit on file considered for co-applicants
Credit bureau has to be not older than 30 days at the time of
submission
XCEED will pull another credit bureau to validate liabilities once the
signed commitment is received
Minimum established credit – minimum of one active trade line with
high credit of $1,500 seasoned for 12 months
Alternative credit considered – i.e. mortgage rating for
homeowners, verification of rents for non-homeowners, etc.
Former Bankrupts are considered upon discharge. The longer time
since discharge and the more re-established credit - the higher the
LTV
CP/OPD considered. The longer the time on repayment, the higher
the LTV
Multiple bankruptcies/CPs/OPDs and/or defaulted CP not
considered
XCEED 2015
Income verifications - highlights
Income for gainfully employed applicants – as per insurer’s
guidelines (letter of employment, paystub, NOAs, T4s, etc.)
Income for self-employed – 3 levels:
BFS Traditional Full Doc (up to 80% LTV) – fully verifiable via
NOAs, T1 Generals, etc.
BFS Qualified Full Doc (up to 80% LTV) – self-declaration of next
12 months income, most recent 12 months business bank
statements, evidence of business ownership, NOA to confirm no
income tax arrears
BFS Stated (up to 65% LTV) – self-declared income letter,
evidence of business ownership, NOA to confirm no income tax
arrears
Rental income:
For subject property (e.g. duplex, legal basement unit) – 100%
rental offset based on leases
For non-subject rentals – 80% rental offset based on leases
XCEED 2015
Process highlights
Deals have to be submitted through D&H Expert and/or Morweb
with credit bureaus attached. Faxed bureaus are not permitted.
Purchase and Sale Agreements and MLS listings for purchase deals
have to be provided upfront with the submission, can be sent to
newdealdocs@xceedmortgage.com with client’s last name and
property address in the subject line.
Detailed notes are key to success – please give us the story! Term
needs to be indicated as well so commitment can be issued.
Commitment with term, rate and specific conditions is issued via
email, please disregard commitment sent via D&H Expert.
Documents have to be sent to the underwriter directly. Send all
documents with the sign back and get 5 bps commission top up
(Perfect Package promo)!
All broker conditions have to be submitted for review at least two
weeks prior to funding.
XCEED funds through Title Plus lawyers, can also use FCT.
XCEED 2015
Summary
Up to 80% LTV on owner-occupied properties.
Up to 75% LTV on rental properties.
We allow unlimited investment properties
in a client’s portfolio.
Fully-featured mortgage solutions.
Industry-leading compensation.
XCEED 2015
Contact XCEED
Contact XCEED
Sales
Melanie Lapointe
BDM, Southwestern and Northern Ontario
mlapointe@xceedmortgage.com
T (888) 811-6660 ext. 3487
C (416) 648-2854
F (866) 426-2985
Connie Isaacs
BSR, Saskatchewan
cisaacs@xceedmortgage.com
T (888) 811-6660 ext. 3232
D (416) 203-5942
F (866) 614-1400
Tommy Vrazalis
BDM, GTA and Eastern Canada
tvrazalis@xceedmortgage.com
T (888) 811-6660 ext. 3268
C (416) 716-9432
F (866) 275-8394
Richard Chiew
BDM, British Columbia and Alberta
rchiew@xceedmortgage.com
T (888) 811-6660 ext. 5947
C (587) 930-3453
F (877) 398-3099
Dmitri Moskalev
BSR, Manitoba
dmoskalev@xceedmortgage.com
T (888) 811-6660 ext. 3436
D (416) 203-5957
F (866) 426-2991
Fernanda Diaz
BSR, Atlantic Canada & Ottawa
Valley
fdiaz@xceedmortgage.com
T (888) 811-6660 ext. 3304
D (416) 203-5934
F (866) 286-3312
Gleb Ioussoufovitch
Director, Sales and Marketing
gioussoufovitch@xceedmortgage.com
T (888) 811-6660 ext. 5940
XCEED 2015
Contact XCEED
Contact XCEED
Underwriting
Jonathan Lee
Senior Underwriter
jlee@xceedmortgage.com
T (888) 811-6660 ext. 5932
F (416) 203-5932
Gurjinder Johal
Senior Underwriter
gjohal@xceedmortgage.com
T (888) 811-6660 ext. 5948
F (416) 203-5948
Fahd Hasan
Underwriter
fhasan@xceedmortgage.com
T (866) 811-6660 ext. 5933
F (416) 203-5933
Paulo Frencillo
Senior Underwriter
pfrencillo@xceedmortgage.com
T (888) 811-6660 ext. 5936
F (416) 203-5936
Michael Robson
Underwriter
mrobson@xceedmortgage.com
T (888) 811-6660 ext. 5960
F (416) 203-5960
Michelle Watson
Senior Underwriter
mwatson@xceedmortgage.com
T (888) 811-6660 ext. 5959
Duane Chanderbhan
Senior Underwriter
dchanderbhan@xceedmortgage.co
m
T (888) 811-6660 ext. 7432
F (416) 644-7432
Anne Regan
Manager, Underwriting
aregan@xceedmortgage.com
T (888) 811-6660 ext. 3428
F (888) 745-6693
Jason Chauhan
Senior Underwriter
jchauhan@xceedmortgage.com
T (888) 811-6660 ext. 3693
Hassan Shaikh,
Managing Director, Single-Family Mortgages
hshaikh@mcanmortgage.com
T (416) 591-2484
XCEED 2015