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Program OverviewBrand to Brand Refinance
Giving you the tools to succeed
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 2
Introduction
FirstLine Mortgages is committed to helping our broker partners grow their business. We do this by offering innovative product solutions with reduced documentation requirements and streamlined processes.
FirstLine’s unique Brand-to-Brand Refinance Program allows traditional income verification requirements to be waived for qualified applicants who have an existing CIBC Brand Mortgage.
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 3
Program Benefits
Fast and Easy Process
Declared Income used for Simplified Qualification
Income Documentation Requirements Waived
GVS Eligible
Reduced Turnaround Time on Commitments
Reduced Turnaround Time to Final Approval
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 4
General Eligibility Criteria
Existing CIBC Brand Mortgage FirstLine
CIBC
PCF
Sutton
Refinance Increase Amount Minimum Increase of $10K
Conventional Lending Only Maximum LTV = 80%
Owner Occupied Residential Properties Up to and including 4 Plex
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 5
Existing Mortgage Criteria
To be eligible for the Brand-to-Brand program the following criteria apply:
First charge mortgages only
Existing mortgage has been under repayment for a
minimum of 12 months with NO ARREARS
All borrowers and guarantors remain the same as on
the original mortgage
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 6
Quick Reference Chart(Mortgage Balance & Bureau Score)
Mortgage Amount Less than $750K Between $750K & $1MM
Bureau Score (Primary
Applicant)
600 640
Bureau Score (Co-Applicant)
N/A 600
ETO LimitMax $500K ETO
(CAP may be removed if Primary Bureau score is
680+)
Max $500K ETO
(CAP may be removed if Primary Bureau score Is 680+ and Co-App Bureau score is
600+)
Income SourcesCanadian
& Foreign
Canadian &
Foreign
AppraisalGVS
(Full Appraisal required if not
GVS Eligible)
Full Appraisal Required
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 7
Credit Bureau Criteria
To be eligible for the Brand-to-Brand program the following credit bureau criteria apply:
New credit reports must be obtained for all borrowers and guarantors
Current credit rated R1 or R2 for all applicants
No derogatory credit, Orderly Payment of Debts, consumer proposal,
voluntary repossession, foreclosure or bankruptcy on file
Considerations:
Collection items under $1000 with a ‘make sense explanation’
Collection items must have already been repaid
Collections in dispute will require documented proof
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 8
Co-Applicant Credit Bureau
Exceptions to the Co-Applicant Credit Bureau will be considered when:
The co-borrower is the spouse of the primary borrower
The principal borrower meets the minimum required bureau score
threshold
All of the borrower’s debts are with CIBC and are Joint with their
spouse
The co-borrower’s bureau score is zero due to no borrowings reported
on the credit bureau
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 9
GVS Criteria
Maximum Eligible GVS Amount $500K
GVS Exception permitted up to $750K in:Greater Toronto
Greater Vancouver
Greater Calgary
! A full appraisal will be required for applications that are not GVS eligible.
Applicant(s) and Property must meet FirstLine Mortgages Lending Criteria. Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version Sept 2008
Page 10
If the deal does not fit the programWe have options!
What happens if the deal doesn’t fit?
Deals that do not fit the Brand-to-Brand refinance program will be considered and underwritten under standard guidelines.
Still have Questions?
As Your Regional Business Manager I can help provide:
More information on this program
Insight into additional requirements that may apply based on your customers
unique situation
Information on similar programs with reduced documentation requirements
Assistance on deal structuring
Assistance on application submission
Content is Subject to Change without further notification.TM Trademark of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc.
Version 1.0
Partnering for Success!
