Broker FAQ.

On a complete file we target a decision and a quoted price back to you within two hours during business hours. If the answer is no, you will get the no just as quickly — a fast decline is more useful to you than a slow maybe.

Once every condition is complete the file is instructed for closing in 3 to 7 business days. Where the closing date will not move there is a rush option, and a same-day instruction with next-day funds — both are set out under fees below.

1. Application, credit report and appraisal are received for review. 2. Pricing is offered by email; proceeding requires a non-refundable admin fee of $500 on a second mortgage or $1,000 on a first. 3. On receipt of the fee the approval expiration is set at 48 hours and the commitment is issued. 4. Once all conditions are complete the file is instructed for closing in 3 to 7 business days.

Four ways in — Filogix, Scarlett, Boss, or straight to deals@lendmax.ca. It does matter: email submissions with the Application, Appraisal and Credit Bureau attached are prioritized for review. The 10 Point Submission on the submit page is the fastest complete package we accept.

Ten lines in the body of the email: address; credit scores; subject value; current balances with the lender name on each, if it is a refinance; requested mortgage; LTV requested; requested closing date; arrears if any; exit strategy; and position. With those ten and the three attachments, the desk can price the file.

Yes. Run it through the Pricing Calculator for the program and the ceiling, then email the desk with the property, the position and the story. You will get a read. A formal price still needs the application, appraisal and bureau.

Broker compensation is set out in the commitment and paid on the funding date. There is no upfront fee to you. On the Prime 50 and Prime 75 series a 3% broker fee is already inside the quoted all-in price.

A lender fee, quoted per file; legal costs and disbursements; and the non-refundable admin fee described below. All of it is disclosed in writing on the commitment before your client signs. Nothing is added afterwards.

It is payable after pricing is offered and before the commitment is issued: $500 on a second mortgage, $1,000 on a first mortgage. It is non-refundable. On receipt, the approval expiration is set at 48 hours and the commitment is issued.

A rush file carries an additional admin fee of $500. Same-day instructions with next-day funds are $1,000, and the file must be broker complete before it can be instructed — every document on the file-complete list, in hand.

48 hours from the moment the commitment is issued. If your client needs longer, tell the desk before the clock starts rather than after it runs out.

Renewal terms are quoted at maturity and disclosed in writing before the borrower commits. We do not treat a renewal as a fresh origination on a mortgage that has performed. If you want the renewal position before your client signs the original commitment, ask the desk and we will put it in writing.

An appraisal from our approved panel moves fastest — review in under twenty minutes. The panel is listed on its own page under Brokers. We will look at an appraisal from outside it, but expect a longer review and, occasionally, a second opinion at higher loan-to-value.

Signed commitment; purchase agreement; proof of deposit and down payment; two pieces of ID for each borrower; ID verification; signed pre-authorized debit; appraisal redirection; current mortgage statement; property tax bill; void cheque; borrower lawyer information; and the broker disclosure to the borrower. The full list is on the submit page and in the downloadable checklist.

Three situations: prepaid interest on shorter terms, property taxes where they are in arrears or due within the term, and repair conditions where the appraisal identifies work that affects marketability. Any holdback appears on the commitment with the release conditions written out — not sprung at closing.

At the top of the loan-to-value range, and on non-standard property, yes. You will be told at commitment, not at instruction.

No. We do not market to your client during the term or after it. Renewal is handled through the broker of record, and where a mortgage is not being renewed we give 90 days' notice before maturity so you have time to arrange the exit.

Servicing questions — payments, statements, payout — are handled by the administration desk because they have to be. Anything that is a new mortgage conversation is referred back to you.

Yes. Ask the desk for the written options comparison and exit-plan summary on any commitment. FSRA expects an agent to be able to show how alternatives were discussed with the client; the document is designed to sit in your file as evidence of that conversation.

Prime if the property is in a centre of 50,000 or more, the credit band is 600 or better, and there is no private money on title. Flex for everything else. Rental Program for one to four unit investment property; HELOC-75 where the client wants a line rather than a lump; Prime 50 or 75 for a small second that has to fund in 48 hours.

No. Pricing is quoted per file after review of the application, appraisal and credit report, because the same loan-to-value means different things in different markets. What is published is every program's eligibility box, so you can tell before you submit whether the file fits.