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MCAP [Shared]

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by

Ali Alatas

on 26 May 2015

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Transcript of MCAP [Shared]

Refinances/Port Increase/Replacements
Blend and Increase
Blend rate to avoid penalty
Client looking for best discounted rates
Full Penalty with BDR
Options
Blend and Extend
Port Blend and Extend
Replacement within 90 days
Need to Know
Client will not be charged a penalty
Broker commission is paid on the new money only
Options
Client pays the penalty and chooses a new term and rate.
Client can choose any term/rate or product
Replacements- Purchase date must be within 90 days of sale date
Need to Know
Commission paid if new mortgage is > 10K new money + penalty + old mortgage
Refinances/Port Increase/Replacements
VRM to a Fixed Term
Deal ingested with the broker/client looking to convert their current VRM rate
Client looking to convert from a fixed to VRM
Fixed to VRM
Options
VRM to fixed – Client can convert from a VRM to a fixed rate provided that the new term is equal to or greater then the current term
Replacements- Purchase date must be within 90 days of sale date
Need to Know
No penalty is to be charged
Broker commission is based on the total loan
If new term is less then current term, then full penalty will apply
Options
Fixed to VRM
Replacements- Purchase date must be within 90 days of sale date
Need to Know
Full penalty applies
Commission paid if new mortgage is > 10K new money + penalty + old mortgage
Client in VRM and wants a NEW VRM
VRM to VRM
Options
New VRM is 19bps or less than current VRM
New VRM is 20bps higher than current VRM
Replacements within 90 days
Need to Know
If the new VRM is 20 bps or higher then current, no penalty is to be charged, Full penalty if otherwise
Broker commission based on the total loan amount
True Ports
Blend
Purchase and sale of existing mortgage. Mortgage amount remains the same
Purchase and sale of existing mortgage. Mortgage amount remains the same
Penalty or Conversion
Options
Product/Term and Amortization remain the same
No Blend is applied as there is no new money to blend
Need to Know
Client will not be charged a penalty
Broker commission is paid a standard $250.00 application fee
Options
Client pays the penalty and chooses a new term and rate.
Client can choose any term/rate or product
Need to Know
Full penalty applies
Broker Commission is based on total loan
Port Decrease
Blend
Purchase and sale of existing mortgage. Mortgage amount is less the current amount
Purchase and sale of existing mortgage. Mortgage amount is less the current amount
VRM Conversion
Options
Product/Term and Amortization remain the same
No Blend is applied as there is no new money to blend
Need to Know
No Penalty if difference is < prepayment privilege
If new mortgage > prepayment, penalty based on difference minus allowable prepayment
Broker commission 250.00
Options
Client converts from a VRM to a fixed
Need to Know
No Penalty if difference is < prepayment privilege
If new mortgage > prepayment, penalty based on difference minus allowable prepayment
Purchase and sale of existing mortgage. Mortgage amount is less the current amount
Penalty and BDR
Options
Client pays the penalty and chooses a new term and rate.
Client can choose any term/rate or product
Need to Know
Full penalty will be applied and will be based on either IRD (Interest Rate Differential) or 3 months interest
Broker commission is based on the total loan
Full transcript