Terms with Tag Mortgage Lender

  • Acceleration Clause Bank,
    • A provision within a document that explains how the lender expects payment for a loan, in due haste.
  • Accelerator Rate Sheet (ARS)Acronym,
    • AGF Trust Company Company Est. 1988, Canada-wide, Important,
        A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
      • Alberta Treasury Branches (ATB)Company, Alberta, Canada,
          A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
        • All Nations Trust Company (ANTCO) Company Est. 1984, Canada-wide,
            A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
          • All-In-One (AIO)Bank, Important,
            • Alta West Mortgage (AWM) Company, Canada-wide,
              • Annual Mortgage Statement Definition, Important,
                • A report sent to the borrower every year, detailing how much principal remains on the home loan and how much was paid in taxes and interest during the previous year.
              • Assumption Mutual Life Insurance Company Company Est. 1903, Prince Edward Island, Nova Scotia, New Brunswick, and Quebec, Canada, Important,
                  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                • Atlantic Central (AC) Company, Nova Scotia, New Brunswick, & Princess Edward Island, Canada,
                    A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                  • Automated Pre-approval Process (APP)Acronym, Important,
                    • B2B BankCompany, Canada-wide,
                        A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                      • Bank of Montreal (BMO) Bank Est. 1817, Canada-wide, Very Important,
                          Canada's very first bank. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
                        • Bank of Montreal Mortgage Corporation (BMMC)Company, Canada-wide,
                            A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                          • Bank of Nova Scotia (BNS) Bank Est. 1832, Canada-wide, Very Important,
                            • Multinational financial services provider with over 7-million customers across Canada.
                            A Canadian NHA approved mortgage lender that offers all lending types. Also offers home incomes plan reverse mortgages.
                          • Bank West Company, Canada-wide,
                              A Canadian NHA approved mortgage lender that offers mortgages for 1-4 multi-family units.
                            • Basis Point (BPS) Bank, Very Important,
                              • A unit of measure: 1/100th of one percent. For example, the difference between a 9.0% loan and a 9.5% loan is 50 basis points.
                              Used by mortgage brokers and lenders when discussing mortgage rates and determining commissions.
                            • BNP Paribas (Canada) Company Est. 1961, Canada-wide,
                                A Canadian NHA approved mortgage lender that offers mortgages for 5 or more multi-family units.
                              • Bridgewater Bank (BwB) Company Est. 1997, Calgary, Alberta, Canada, Very Important,
                                  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                                • British Columbia Housing Management Commission (BCHMC) Company, British Columbia, Canada, Very Important,
                                    Better known as BC Housing. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                                  • Business Development Manager (BDM)Acronym, Important,
                                      Primarily used by mortgage lenders to build working relationships with mortgage brokers.
                                    • Business Development Officer (BDO)Acronym, Important,
                                      • A Business Development Officer acts as a bridge between the mortgage brokerage and the underwriters and is responsible for ensuring the mortgage portfolios are fully funded in high quality mortgage investment.
                                      Primarily used by mortgage lenders to build working relationships with mortgage brokers.
                                    • Business for Self (BFS)Acronym, Important,
                                      • Caisse Centrale Desjardins du QuébecCompany, Ontario and Quebec, Canada,
                                          A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                                        • Caisse populaire Groupe FinancierCompany, Manitoba, Canada,
                                            A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                                          • Canada Life Assurance (CLA) Company, Canada-wide,
                                              A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                                            • Canada Mortgage and Housing Corporation (CMHC) Bank Est. 1946, Canada-wide, Very Important,
                                              • The Canada Mortgage and Housing Corporation: this is a Federally run institution that provides banks and lenders with mortgage insurance. Not to be confused with life or property insurance. In the event of default or foreclosure CMHC assumes responsibility of the property and reimburses the bank/lender the entire mortgage amount. This insurance is required generally when you have less than 25% equity or down payment. This insurance is paid by the property owner in advance but usually added to the mortgage amount. See also "G.E. Capital."
                                              Insures Canadian mortgage lenders.
                                            • Canada Trust Company (CTC)Company, Canada-wide,
                                                A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                                              • Canadian Imperial Bank of Commerce (CIBC) Bank, Canada-wide, Very Important,
                                                  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                                                • Canadian Mortgage Capital Corporation (CMCC) Company, Ontario, Canada,
                                                    A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
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