The residential team has been busy over the last two quarters, preparing for what will be the largest year in our nine-year history. Our plan is to grow business by 50% in 2021, having just come off a 39% year-over-year growth in 2020. To realize this kind of robust growth, we have implemented a number of developments and initiatives both internally and externally.
Internally, we have added eleven new business development team members and underwriters at all underwriting centres across Canada for both our CMLS Prime and AVEO product lines, which includes opening in Quebec under our brand, Adapt, Powered by CMLS Financial. Further, we have promoted Paul Gajdos and Sam Rizzo as co-heads of broker sales, West and East respectively. Together, they are mandated to work with our Regional Management team to provide you with support and training on CMLS Financial’s program offerings.
Externally, we announced our CMLS Partnership Program that includes a new and improved volume bonus and efficiency bonus program, and provides additional perks that include free appraisals, special function invites and more—putting us at the top of the list in terms of overall compensation for affiliate brokers. Similarly and as a complement, we have introduced a customer loyalty program that offers our clientele competitive options when it comes to refinancing their existing mortgages, while ensuring we pay our broker partners competitive commissions on the new money.
Then there are the products. In addition to more than doubling our availability of uninsurable funding for 2021, we have completely overhauled our AVEO business to make it one of the most competitive near-prime/non-prime offerings in the country. From new credit management, to additional underwriters and new investors that have allowed us to expand our credit box and offer industry-leading rates, AVEO should now be at the forefront for all brokers who work in the near-prime/sub-prime market. You should also make sure to ask your CMLS Regional Manager about our new Jumbo Loan Program, which is going to be followed by a second product offer that is sure to be of interest to our affiliate brokers when it launches in May—until then, it will have to remain a secret.
Supplementing the expanded products, we have also introduced the latest iteration of ami, which standings for Advancing Mortgage Innovation. Version 2.0 includes the ability to provide conditional commitments and preapprovals in seconds—many brokers have posted on social media claiming they received mortgage commitments from CMLS Financial in under 60 seconds, and one even cited under 20 seconds! ami is going to transform the way we do business together, offering our brokers more convenience and flexibility, and it is here to stay. Stay tuned for more details.
Having built out our capacity, value proposition, funding capabilities and compensation program, all to earn a larger share of the mortgage business generated by the mortgage brokerage industry, we are excited for what the future holds. We recognize you have a lot of lender options for your customers, and we are striving to ensure our place at the top of your list, every time! Finally, as our volume objectives for the year are on track, we want to thank all of you for your continued support so far in 2021.
Regional Manager, Northern Alberta and Manitoba
This month, The Advisor features Christa Boyd, Regional Manager, Northern Alberta and Manitoba. Read the interview she gave CMLS, get to know her great personality, and gain insight into all the things that make her such a unique person.
Timeline Management
The Strategic Lending Group has been in existence for over three years, and in that time we have funded several hundred million dollars in insured multi family mortgages. Although we have been very successful, there have been many deals that have failed to go the full distance. As we now reflect on those deals that didn’t make it versus those that did, we would like to share a few recommended best practices to our brokers to increase their likelihood of a successful close.
Review Documents Upfront:
Proper timeline management starts with awareness of underwriting times. By now we all know that Insurer is taking eight to twelve weeks to turnaround a certificate of insurance, and here at CMLS we need a few weeks before and after to issue letters of interest, prepare the application submission and instruct the lawyers. Brokers need to be advising their borrowers of the timelines and negotiating proper subject removal and closing dates.
Several brokers over the years have attempted to have us issue a letter of interest and use it as a bargaining chip to negotiate longer timelines with the seller, or have argued that since it’s submitted to Insurer the borrower should then feel comfortable moving dates out—but this is never successful. If a seller has not agreed to the timelines necessary for the Mortgage Insurance provider, our only other option is a bridge loan.
Talk to Brian Ingram or Steve Ennis if your deal requires a bridge loan due to lengthy processing times.
Full Packages Up Front:
The more documents a broker receives from their client and submits to us, the more likely it is that the deal will close. We all know that the document collection side of the business can be tedious at times, but we have found that those brokers that get a full and complete package from their clients prior to the letter of interest being released have ensured that they have a serious borrower. It also cuts down on wait time as our underwriters can reduce back and forth with the broker to request additional information. Full underwriting packages ensure that the borrower is serious, makes life a lot easier for our underwriters and vastly increases the likelihood of a successful close.
Fast Response Time
Although we do our best to ask for a full and complete package up front, sometimes we or the Insurer need a few more documents. The faster a broker can turnaround these requests, the faster we can push applications through CMHC to a quicker close. We always do our best to minimize the back and forth when it comes to additional documentation, but having a broker ready and able to send back documents as soon as possible makes everyone’s life a lot easier—and an easier life makes for a faster closing, while showing real professionalism on the broker’s part.
The skills noted in this article may seem obvious, but it’s only the best brokers that deliver on all three. So, by making sure to manage the timelines with the borrower, getting us full and complete packages, and responding quickly to any and all requests for additional information, you will be one of the best in the business for insured multi family transactions.
Although we do our best to ask for a full and complete package up front, sometimes we or the Insurer need a few more documents. The faster a broker can turnaround these requests, the faster we can push applications through to a quicker close. We always do our best to minimize the back and forth when it comes to additional documentation, but having a broker ready and able to send back documents as soon as possible makes everyone’s life a lot easier—and an easier life makes for a faster closing, while showing real professionalism on the broker’s part.
The skills noted in this article may seem obvious, but it’s only the best brokers that deliver on all three. So, by making sure to manage the timelines with the borrower, getting us full and complete packages, and responding quickly to any and all requests for additional information, you will be one of the best in the 2021 for the Strategic Lending Group has turned into the year of broker training on multi unit transactions. When not qualifying new deals, Brian Ingram and Steve Ennis spend their time holding seminars for their community of mortgage brokers.
On March 25th, Brian held a webinar for Canada East, where he discussed the role of CMLS Financial in the marketplace and the steps required to make submissions as quick and seamless as possible. Meanwhile, Steve has been entertaining all mortgage brokers from Winnipeg to Victoria. Steve prefers the smaller, more frequent ZOOM presentations in which dialogue is encouraged. He discusses what it’s like for brokers to work with CMLS Financial, while doing a deep dive into how the Insurer calculates debt servicing so brokers can maximize the loan to value for their clients
Upcoming seminars will include guest speakers from CMHC, lenders covering our conventional commercial portfolio, and many others. If you are interested in broadening your skill set and learning how to finance insured multi unit residential transactions, please reach out to Brian Ingram or Steve Ennis and they will be happy to include you in their next broker training session.
CMLS is pleased to announce the appointment of Greg Delahunty as Regional Manager for the CMLS AVEO Channel, Ottawa, Kingston and Ontario East. Greg brings with him over 20 years of experience in the financial services industry in sales, credit risk, credit adjudication and underwriting for both prime and non-prime lenders.
Greg has also been active in his community, volunteering as a minor football coach in the Myers Riders Football Club’s organization for twelve years. Greg is married and has two boys, aged five and eight, who keep him busy outside of work. He is an avid Senators, Redblacks and N.Y. Giants fan, and enjoys live music and sports.
As we continue to grow the AVEO product line, Greg is available to assist brokers with finding solutions for their borrowers who do not meet the strict guidelines of traditional prime lenders. For more information, please contact Greg at (613) 797-7890 or by email at greg.delahunty@cmls.ca.
| Purchase/ Refinance |
Beacon 680+ |
Beacon 640-679 |
Beacon 600-639 |
Fee | Comp (BPS) |
Rate Hold Purchase |
Rate Hold Refinance |
|---|---|---|---|---|---|---|---|
| 1 year | 2.74% | 3.19% | 3.39% | 1% | 50* | 120 days | 90 days |
| 2 year | 2.79% | 3.29% | 3.49% | 1% | 60* | 120 days | 90 days |
| 3 year | 2.99% | 3.39% | 3.59% | 1% | 60* | 120 days | 90 days |
2021 for the Strategic Lending Group has turned into the year of broker training on CMHC insured multi unit transactions. When not qualifying new deals, Brian Ingram and Steve Ennis spend their time holding seminars for their community of mortgage brokers.
On March 25th, Brian held a webinar for Canada East, where he discussed the role of CMLS Financial in the marketplace and the steps required to make submissions as quick and seamless as possible. Meanwhile, Steve has been entertaining all mortgage brokers from Winnipeg to Victoria. Steve prefers the smaller, more frequent ZOOM presentations in which dialogue is encouraged. He discusses what it’s like for brokers to work with CMLS Financial, while doing a deep dive into how CMHC calculates debt servicing so brokers can maximize the loan to value for their clients.
Upcoming seminars will include guest speakers from CMHC, lenders covering our conventional commercial portfolio, and many others. If you are interested in broadening your skill set and learning how to finance insured multi unit residential transactions, please reach out to Brian Ingram or Steve Ennis and they will be happy to include you in their next broker training session.
Regional Manager,
Ontario, Specialized Lending
Group, Residential Mortgages
Regional Manager,
Western Canada,
Specialized Lending Group
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nextOn March 7th CMHC began accepting applications for their new multi-family insurance program targeting affordable, energy efficient, and accessible buildings…and the terms and conditions are FANTASTIC! It’s called MLI Select and if the building earns 100 “CMHC points” the borrowers will qualify for up to 95% LTV, 50-year amortization, 1.1x debt service coverage ratio with a 1.0% CMHC premium.
read moreHere’s the latest from our CMLS community across Canada.
