The Advisor
Dan Putnan

Dan’s
Monthly Update

The residential team continues its promise to innovate the mortgage experience for both our brokers and their clients. Not only have we introduced a number of exciting initiatives, but are working on further enhancements to existing platforms, internal structures and preparing to release new products—all to streamline process, timelines and efficiency.

First is the launch of AMI 2.0, which includes the ability to provide conditional commitments and preapprovals in seconds, offering our brokers more convenience and flexibility, transforming the way we do business together. And because the whole idea around AMI is to improve the broker and customer experience, our efforts do not stop: we are already working on AMI 3.0, which will be introduced later this year.

Continuing our customer forward vision, our promise to continuously innovate, and our guarantee to have the products and services our brokers need to manage the needs of their clients, we have exciting new products and programs coming to market this summer, so stay tuned for more updates!

And finally, an internal management change. We are pleased to introduce you to Andrew Gilmour, who is CMLS Financial’s new Vice President of Residential Production and Capital Markets. Andrew’s extensive experience within the industry and depth of knowledge are sure to be an invaluable resource moving forward.

It’s been a busy time at CMLS Financial, and this month we have successfully laid the foundations for a productive year ahead.

Dan Putnam AMP

Senior Vice President, Business Development, Residential

Broker Resource Centre


As a CMLS Financial registered broker, this resource centre is designed for you to use as a quick reference tool to gain a better understanding of our products, policies and servicing. This resource centre will be updated regularly as changes occur to our lending guidelines and services..read more


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Regional Manager Feature

Steve Farrugia

Regional Manager, CMLS Alternative Solutions, Ontario

This month, The Advisor features Steve Farrugia, Regional Manager, Ontario, and Jaclyn Pintaric, Escalation Officer, [Area]. Read the interviews they gave CMLS, get to know their great personalities, and gain insight into all the things that make them such unique people.


Question:
Who is someone you consider a hero?
Steve:
My father is my hero. He educated me with life experiences. From the trades (so I could work on my own home) to financing, he taught me everything. Not to mention the most valuable lesson of all which is enjoying what life has to offer, including boating, biking, snowmobiling, and traveling the world.
Question:
Where was your best vacation memory from and why?
Steve:
Best memory was the trip to Vegas on my Harley. From Vegas through the desert to Hoover Dam then to the incredible site of the Grand Canyon and ending the day sipping tequila.
Question:
What really makes you angry?
Steve:
What makes me super angry is when people who are driving in the fast lane move at a turtle’s pace and won’t move over.
Question:
What motivates you to work hard?
Steve:
What motivates me to work hard is having a goal and knowing the result will be completed.
Question:
What is the favorite thing about your career at CMLS Financial?
Steve:
My favorite thing working with CMLS is being part of a new sub team on the Alternative fund and knowing the results will benefit clients, the company, and myself.
Question:
What is your proudest accomplishment business or personal?
Steve:
My proudest accomplishment is a hard one to choose. Not tooting my own horn but I have had so many in my lifetime. I guess I could say being recognized by my clients in the industry who nominated me as BDM of the year for 2019.
Question:
What is a favourite book/movie you have read or watched recently?
Steve:
Movie most recent would be King Kong hands down!
Question:
If you could choose to do anything to try for one day, what would it be?
Steve:
To choose anything for one day would be to fly a jet.
Question:
What would you sing at Karaoke night?
Steve:
Sorry, that will never ever happen!
Question:
If you could only eat one meal for the rest of your life, what would it be?
Steve:
My last meal would be Seafood Linguine with a Caesar salad and warm baguette, along with the best red wine money could buy!

Jaclyn Pintaric

Escalation Officer

Jaclyn Pintaric knows a thing or two about mortgages. Having an extensive underwriting background that spans many years and several lenders, she recently advanced to the role of Escalation Officer for the CMLS western underwriting team. Jaclyn has many passions, the love of a good wine, authentic schnitzel, and listening to Fleetwood Mac are only a few!


Question:
Who is someone you consider a hero?
Jaclyn:
Moms! I’m always so astounded by the strength of the women I’ve met in my lifetime and what I’ve seen them take on, the stresses I’ve seen them withstand and the sacrifices they make for their families. Mom’s by birth, mother figures, people who have stepped in to act as mothers for those who have none. I’ve been blessed to be brought up, mentored and supported by so many strong women and I have immense gratitude for this.
Question:
Where was your best vacation memory from and why?
Jaclyn:
I’ve been really blessed to travel a number of places in my lifetime but one memory that really stands out is in my last year of university, when I went to France to meet up and visit my best friend who had been studying there for the last six months. This was before the time of iPhones and global roaming packages so via email we had agreed we would meet under the Eiffel Tower at a specific time. Well, her train was delayed and she had no way to get ahold of me so an hour and half later there I was standing under the tower in foreign country waiting for someone whom I had no clue where they were, stuck in the rain, but when she finally made it we were so giddy to see each other we didn’t care we were soaking wet and missed our dinner reservation. We were two best friends in a strange city who hadn’t seen each other in what felt like forever and the joy I felt in that moment was just so lovely. 10 years later and she’s still one of my closest friends!
Question:
What really makes you angry?
Jaclyn:
When people are entitled and inconsiderate. Everyone has a burden or struggle to carry in life. I try to be mindful that everyone has struggles they will never speak of and even if you can’t fix someone’s problems or change the outcome of situation, being kind is always important.
Question:
What motivates you to work hard?
Jaclyn:
Feeling a sense of pride or purpose that what I do in a day has been done to the best of my ability. Each day we can only do the best we can do, it’s important to me that I feel I gave my version of 100% each day.
Question:
What is the favorite thing about your career at CMLS Financial?
Jaclyn:
The team of people I work with. I have been blessed beyond measure with a team that is hard working, like minded, supportive of one another and genuinely cares about the well-being and success of their colleagues.
Question:
What is your proudest accomplishment business or personal?
Jaclyn:
I don’t know if it’s the proudest of my lifetime, but I’m pretty pleased with having achieved level 2 of my sommelier designation. I’m excited for a post-COVID world where I can work to achieve level 3!
Question:
What is a favourite book/movie you have read or watched recently?
Jaclyn:
I really love to read and usually have a couple books on the go. I recently read Never Split the Difference by Chris Voss which made me really consider how I interact in everyday relationships and conversations I have, whether business or personal, and being a more effective listener. I also recently read When No One is Watching by Alyssa Cole. Although a fictional thriller, it gave a really eye opening perspective on the gentrification of urban America.
Question:
If you could choose to do anything to try for one day, what would it be?
Jaclyn:
An animal rescue worker. I could probably only do it for a day though because it would make me too sad to do it full time. Those individuals have so much strength.
Question:
What would you sing at Karaoke night?
Jaclyn:
Anything Fleetwood Mac.
Question:
If you could only eat one meal for the rest of your life, what would it be?
Jaclyn:
My husband makes, hands down, the best authentic Schnitzel I have ever had. I could never get sick of it.
Tips for Submitting a Deal and a Case Study

Here at AVEO Channel, we want to ensure that we are able to help turn around your deals faster. The presentation of your deal and the information provided with your submission will enable you to get quick turn arounds and develop a great relationship with your underwriter if you follow all or part of suggestions below.First, make note if you spoke to an RM regarding this deal, then ensure the following points are prioritized:

PURCHASE: COF date expiry
TRANSACTION TYPE:
LTV: %
BEACON SCORES:
TERM:
AMORTIZATION: 30yrs
LENDER FEE: $
RATIOS: % / %
RATE: %

DOWN PAYMENT

Provide details for all sources and details of gift if applicable and relationship of gifter.

NET WORTH

Very important to provide and complete in full – include any savings, RSP’s RESP, TFSA, This information helps support and mitigate a deal that may be borderline if your applicant shows capacity for savings and fallback.

PURPOSE/RATIONALE

Whether owner occupied, a rental or second home. Explain the purpose of your transaction/deal and what is being paid out with funds if any Rentals – address # of properties and how the rental income was applied to the application.

CREDIT

Address any discrepancies to name, address, employer, credit gaps, past bankruptcy, consumer proposal, family responsibility, collections etc. Address in detail any and all late payment history with reasons and current status.

INCOME

Salaried/guaranteed hours – provide details of employment, duration, position/title, overtime, bonus being used to qualify BFS verifiable – Average of NOA’s or line 150 for the past two years with mention that current bank statements available to show business is viable and on pace to make the same income.

BFS stated

6 -12 months bank statements with 2 methods to prove BFS and 3 invoices to match deposit.

Commission

2 years history of NOA or T4A -PROVIDE list of documents can you provide to support your income.

YOUR CONTACT INFORMATION

Very Important to provide name, phone number and email address of submitting agent so that underwriting can communicate if they have any questions.

DOCUMENT SUBMISSION

email to Mortgagedocuments.ca and cc your underwriter. Send in as many documents as you can upon submission of deal. Divide documents into sections for example:

Pdf #1 – income confirmation
Pdf #2 – purchase agreement and MLS
Pdf #3 – bank statements
Pdf #4 – gift letter
Do not send documents in one pdf – please separate

Please click on the link below if you would like a PDF copy.
AVEO Submission Notes Best Practice.pdf

Please call your AVEO Regional Manager to discuss your deals prior to submission to make sure they fit.

AVEO CASE STUDY.

We were able to help a client secure financing on a 4-plex that was zoned under one title. The client came to us to utilize our Bank Statement approach to BFS income and our subject rental income to help get ratios in line. After working alongside us, and leveraging our resources, the client secured 80% LTV with 3 year rate at 3.19% with 30 year Amortization.

We allow four rentals and one owner occupied on client portfolio, and this one title property helped it fit under guidelines.

What's New.

SVG

We are thrilled to announce that we have enhanced our AVEO lending area and product portfolio. We have added to our approved lending area and are able to add our Business For Self-Bank Statement Program to minor urban centres. We continue to hire and grow this team as we have experienced a sharp increase in volume of purchases happening in the Alternative Lending space. For more information, please contact us.
Contact us .

Current Rates.

Purchase/
Refinance
Beacon
680+
Beacon
640-679
Beacon
600-639
Application
Fee
Finder
Fees
Rate Hold
Purchase
Rate Hold
Refinance
1 year 2.59% 2.89% 3.19% 1% 50 120 days 90 days
2 year 2.64% 2.94% 3.39% 1% 60 120 days 90 days
3 year 3.04% 3.29% 3.49% 1% 60 120 days 90 days
SLG

Partnerships! This Spring we presented CMLS’ value proposition on CMHC insured multi unit residential dwellings to over 500 mortgage brokers. These presentations and workshops allowed us to identify several brokerages that either specialize in this space or are expanding aggressively given the number of new buyers looking at apartment building purchases. With these brokerages we have worked out several partnership arrangements to help attract, underwrite, and close their multi family deals. From help with marketing and underwriting to developing a deeper relationship with CMHC, we are working closer than ever with the mortgage brokering community across the country.

If you or your brokerage is becoming more active in this space reach out to Brian Ingram or Steve Ennis on how we can work together on your multi family deals and pay you the full commission. CMHC has also been active in promoting the CMLS platform as we will not only do your smaller apartment deals (as small as 5 units) but we will also help educate new brokers to package the deal and navigate it to a successful close.

Brian Ingrim

Brian Ingrim

Regional Manager,
Ontario, Strategic Lending
Group, Residential Mortgages

905.875.6370 brian.ingram@cmls.ca

Steve Ennis

Regional Manager,
Western Canada,
Strategic Lending Group

604.787.4885 steve.ennis@cmls.ca