25.5 x 11 Portrait (6 panels)
Final trim size 8.5 x 11
Mortgage Broker Program
For broker use only
Mortgage Broker Program - Residential Mortgages
Your business is our business Ten ways we’re committed
to you and your business.
Few events in life are as stressful as financing a new home. As
a mortgage broker, your business is to put your clients at ease 1. Through competitive rates to help
by helping them obtain the right mortgage solution. And that’s you attract and retain business.
where we can help. At Laurentian Bank of Canada, our business 2. With a cash-back option to help your
is based on helping you — and your business — succeed. clients cover additional costs.
3. By conventional and insured funding
At Laurentian Bank, we’re 100% broker focused. That means for purchases, refinances and
our products and services are designed to support your needs. equity take-outs.
It also means we’ll never compete with your business or 4. Through flexible payment frequencies
cross-sell directly to your clients. Above all, it means that you to meet the needs of each client.
can count on us to not only deliver prompt and personalized 5. By prepayment privileges to help your
service but to also provide long-term stability as a large clients pay down their mortgage faster.
financial services provider. 6. With a portable option to make moving
easier for your clients.
This brochure provides an overview of our residential mortgage 7. With an assumable option to help your
program and is intended to help you succeed in reaching clients take over an existing mortgage.
your business goals as you help your clients succeed in 8. Through fast and efficient underwriting
reaching theirs. decisions.
9. By prompt funding that’s advanced
upon receipt of required documentation.
Our products 10. With life and disability insurance to help
you better protect your clients’ investments.
• High Ratio Insured
• CMHC Self-Employed Simplified and Genworth ALT-A
• Non-Income Qualified Homeowner
• Home Equity Line of Credit (Standard Income and
• Vacation / Secondary Home
• Owner-Occupied Construction
• Rental (Owner-Occupied and Non Owner-Occupied)
• Multi-Residential (Ontario only)
• Mixed Use Commercial (Ontario only)
All mortgages are funded by, and registered in the name of, Laurentian Bank of Canada,
and administered and serviced by B2B Trust.
ACCEPTABLE ELIGIBLE PAYMENT INCOME MAX MIN MAX MAX
PRODUCT LOAN AMOUNTS TERMS AMORTIZATION
LOANS PROPERTIES OPTIONS VERIFICATION LTV (%) BEACON GDS (%) TDS (%)
1-2 units No limit1 or Fixed term; 6 months - 95
HIGH RATIO Purchase or owner-occupied Monthly, bi-weekly
$200,000 max 10 years or variable term; Standard income 620 35 42 35
or rentals or weekly
equity withdrawal2 3-5 years 3
No limit1 or Fixed term; 6 months - 85 620 35 42
SELF-EMPLOYED Purchase or Monthly, bi-weekly Non-income
2 units max; owner-occupied $200,000 max 10 years or variable term; 35
SIMPLIFIED AND refinance or weekly qualified 90 650
equity withdrawal2 3-5 years3
GENWORTH ALT-A* 95 700 N/A 44
NON-INCOME Fixed term; 6 months -
Purchase or Monthly, bi-weekly
QUALIFIED 1st position; 5 units max; owner-occupied max $750,000 10 years or variable term; Non-income qualified 65 650 32 40 35
refinance or weekly
HOMEOWNER 3 or 5 years
HOME EQUITY Purchase or $50,000 - $700,000 Monthly, Standard income 80
1st position; owner-occupied Revolving 660 30 38 N/A
LINE OF CREDIT refinance $50,000 - $350,000 interest only Non-income qualified 65
Fixed term; 6 months - Standard income 954
VACATION/ Purchase or Monthly, bi-weekly 35 insured
1st position; single unit; seasonal access No limit 10 years or variable term; 620 32 40
SECONDARY HOME* refinance or weekly
Non-income qualified 65
3 or 5 years 5
OWNER-OCCUPIED Monthly, Standard income 95
Purchase Owner-occupied No limit Up to 12 months6 620 32 40 N/A7
CONSTRUCTION* interest only
Non-income qualified 65
owner-occupied 95 32 42
1-2 units; insured
non owner-occupied 95 N/A 40 35 insured
owner-occupied Fixed term; 6 months - 90 32 42
Purchase or Monthly, bi-weekly
RENTAL* 3-4 units; insured No limit 10 years or variable term; Standard income8 620
refinance non owner-occupied or weekly 90 N/A 40
3 or 5 years
owner-occupied 80 32 42 25 conventional
5 units max; conventional
non owner-occupied 75 N/A Debt ratio 1.10
MULTI-RESIDENTIAL Purchase or insured Fixed term; Rental income from 85
6 units or greater $200,000 - $1,000,000 Monthly 620 N/A Debt ratio 1.2 25
(ONTARIO ONLY) refinance conventional 6 months - 10 years property 759
MIXED USE Purchase or Fixed term; Rental income from
Storefronts with apartments $200,000 - $1,000,000 Monthly 65 620 N/A Debt ratio 1.25 25
(ONTARIO ONLY) refinance 6 months - 10 years property
All mortgages are subject to credit approval. Certain conditions apply. Standard Income Verification: Current dated employment letter regarding employee’s tenure and current dated pay stubs for salaried employees. Current dated employment letter and 2 years. Notice of Assessment for part-time or commissioned employment. Non-Income Qualified Verification: most recent
Notice of Assessment to confirm clients have filed and no income taxes are owing. (For insured, we require confirmation of tenure for business ownership.) *Note: For all insured products if Beacon score is ≥ 680, GDS is not applicable and TDS is 44%.
On purchases only. 2On refinances only. 3Adjustable term mortgage also available. 4Winterized. 5Not Winterized/Islands. 6Take out rate negotiated at time of completion. 7Up to 35 years available upon completion. 8Rental income from property also required. 9CMHC 85% available.
This section outlines some of the criteria we consider in the application process.
• All loans subject to approval
• $50,000 minimum loan size for first and second mortgages
• Applications for bridge loans must include financing for first mortgage
• Blanket mortgages available as conventional only and one property must be owner-occupied
• Minimum one year satisfactory credit history
• Minimum credit score subject to Laurentian Bank guidelines
Basic underwriting criteria
• Applicant must have positive net worth
• Unless otherwise stated, guarantors will be considered
• Unless otherwise stated, gift letters are acceptable
Proof of income
• Applicant must provide written proof of income, as requested
Down payment verification
• Applicant must provide bank statement, certificates, bonds, or other verifiable
means of proving their ability to cover down payment plus closing costs of 1.5% of purchase price
Legal / appraisal requirements
• Full appraisal by an approved appraiser (paid by applicant)
• An approved solicitor will act on behalf of Laurentian Bank
• A title insurance policy must be issued by First Canadian Title
Because every deal is unique, we will outline the documentation requirements
on the acceptance letter/letter of approval; generally, the following are required:
• Signed application
• Salary letter signed by authorized employer (dated within 30 days of the application)
• Offer to purchase, MLS listing with picture and written confirmation of down payment
• Lawyer’s name, address, fax and telephone numbers
• Indication if mortgage creditor insurance is desired
For more information or to access our detailed
Broker Program Reference Guide, please visit
b2btrust.com. To speak with an underwriter,
please call 1.877.812.8522.
All mortgages are funded by, and registered in the name of, Laurentian Bank of Canada, and administered and
serviced by B2B Trust. B2B Trust is a wholly-owned subsidiary of Laurentian Bank of Canada. ®B2B TRUST is a
registered trademark of B2B Trust.
834-08-004E 01/01/2010 For broker use only