News / Product Round-UP
PRODUCT NEWS
A bite-sized guide to the industry’s newest products as they come out of the box
Who: Invis-Mortgage Intelligence What: Partner Mortgage The facts: Partner Mortgage was developed exclusively for Invis-Mortgage Intelligence and with their involvement; it is not a white-label product. Partner Mortgage was designed to help brokers foster long-term relationships with their clients, with a commission at renewal, and no control issues over ownership of the client. Brokers can also assist clients with inquiries throughout the life of the mortgage. Highlights include: • Platinum rates from the first deal • Automatic commission at renewal • No retention team • Low overhead – great rates • Full featured - 20/20; ability for early payout; up to 30-year am • Full spectrum of credit approvals Partner Mortgage is only available at Invis-Mortgage Intelligence.
What they say: “Team RRP has found Partner Mortgage to be very helpful during recent price wars. Having competitive pricing, responsive underwriting and full pre-payment terms, we found ourselves able to compete and add value beyond pricing through this new partnership. Partner Mortgage lived up to its name, and continues to do so.” – Rob Regan-Pollock, broker, Vancouver, B.C . “We have had great success dealing with Partner Mortgage. They have helped us
14 | mortgagebrokernews.ca
compete in a tough spring market by holding onto the lowest five-year rate being offered in the industry, even with shrinking spreads. Our underwriter Martine is quick to respond to emails and we never wait longer than 24 hours for a commitment; underwriting has been very common sense with no unnecessary conditions.” – Steve Heimbecker, broker, Waterloo Ont.
Who: Optimum Mortgage What: HOMEWORKS HELOC The facts: The Homeworks HELOC is a prime product and is available through brokers who have joined the Optimum Broker Partner Program. Here’s a quick rundown of its features and qualification criteria: Low interest rates • Minimum Beacon Score: 650 • Application Types: Fully-qualifying owner occupied only (highrise condos are case-by-case) • Maximum LTV: 80% (65% for acreages) • Maximum HELOC Size: There is no set maximum for the HELOC or mortgage portions • Maximum Amortization: 25 years on the mortgage portion • Qualified Using: The five-year posted rate with a 25-year amortization
•
•
•
•
Payment Options: Set fixed payments, 3% of the balance monthly, or interest-only Prepayments: The HELOC portion is open. Mortgage portions allow optional 20% lump-sum prepayments and optional 20% payment increases each year. Convertibility: Yes. HELOC portions can be converted to a fixed- or variable-rate mortgage at any time at Optimum’s discounted broker rates. Lending Areas: Major urban areas within 50 km of 100,000+ populations in AB, BC, MB, ON and SK.
What they say: “The features were developed in close consultation with brokers. Our bread and butter is the BFS stated income borrower, but we’re getting into A-type mortgages to fill requests from our broker partners. We are not looking to change our focus from non-prime lending.” – Bernie Budney, Western Canada sales manager
LAUNCHING A NEW PRODUCT?
Want it to be considered for inclusion on this page, send the details to the editor: john.tenpenny@kmimedia.ca