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Program Overview Brand to Brand Refinance

Program Overview Brand to Brand Refinance. Giving you the tools to succeed. Introduction.

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Program Overview Brand to Brand Refinance

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  1. Program OverviewBrand to Brand Refinance Giving you the tools to succeed

  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 waivedfor 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

  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

  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

  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

  6. Quick Reference Chart(Mortgage Balance & Bureau Score) 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

  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

  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

  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

  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 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

  11. Partnering for Success! 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

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