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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Mortgage Lender Terms

  Currently Displayed — Page 1
Acceleration Clause — Effort Trust Company
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Empire LifeMCAP Service Corporation
acceleration clauseDefinition (Financial-banking, Legal-contracts)
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 CompanyCompany Est.1988, Canada-wide
  ➥  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
All Nations Trust Company (ANTCO)Company Est.1984, Canada-wide
all-in-one (AIO)Acronym
Alta West Mortgage (AWM)Company, Canada-wide
annual mortgage statementDefinition (Mortgages, Taxation)
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 CompanyCompany Est.1903, Prince Edward Island, Nova Scotia, New Brunswick, and Quebec, Canada
Atlantic Central (AC)Company, Nova Scotia, New Brunswick, & Princess Edward Island, Canada
automated pre-approval process (APP)Acronym
B2B BankCompany, Canada-wide
Bank of Montreal (BMO)Company Est.1817, Canada-wide
  ➥  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
Bank of Nova Scotia (BNS)Company Est.1832, Canada-wide
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 WestCompany, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers mortgages for 1-4 multi-family units.
basis point (BPS)Definition (Mortgages, Financial-banking)
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
British Columbia Housing Management Commission (BCHMC)Company, British Columbia, Canada
  ➥  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 (Designation)
  ➥  Primarily used by mortgage lenders to build working relationships with mortgage brokers.
Business Development Officer (BDO)Acronym (Designation)
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.
business for self (BFS)Acronym
Caisse Centrale Desjardins du QuébecCompany, Ontario and Quebec, Canada
Caisse populaire Groupe FinancierCompany, Manitoba, Canada
Canada Life Assurance (CLA)Company, Canada-wide
Canada Mortgage and Housing Corporation (CMHC)Company Est.1946, Canada-wide
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
Canadian Imperial Bank of Commerce (CIBC)Company, Canada-wide
Canadian Mortgage Capital Corporation (CMCC)Company, Ontario, Canada
Canadian Mortgage Loan Services (CMLS)Company Est.1974, Canada-wide
canadian mortgage servicing corporation (CMSC)Est. 2000, Toronto, Ontario, Canada
Canadian Western Bank (CWB)Company, Edmonton, Alberta, Canada
Canadian Western Trust (CWT)Company Est.1987, Canada-wide
Canadiana Financial Corp. (CFC)Company Est.2010, Canada-wide excluding Quebec and the Territories
CIBC Mortgages and Lending (CML)Toronto, Ontario, Canada
CIBC Mortgages Inc. (CMI)Company, Canada-wide
CIBC Trust CorporationCompany, Canada-wide
Citizens Bank of Canada (CB)Company Est.1997, Canada-wide
client spending account (CSA)Acronym
Upon reaching a certain funding ratio with a lender, a client spending account may then be used by a mortgage broker to help retain clients.
  ➥  Broker compensation / loyalty program.
combined loan-to-value (CLTV)Definition (Mortgages)
The connection between the unpaid principal balances of all the mortgages on a property (first and second usually) and the property's appraised value (or sales price, if it is lower).
  ➥  A term used by mortgage lenders and mortgage underwriters.
Community TrustCompany, Canada-wide
Concentra Financial ServicesCompany, Canada-wide
conventional progress advance mortgage (CPAM)Acronym
Cooperators Life Insurance Company (CLIC)Company, Canada-wide
CS Alterna BankCompany, Canada-wide
debt coverage ratio (DCR)Acronym
double-ended deal (DED)Acronym
An offer to purchase with the same real estate agent acting for the purchaser and the vendor (often a conflict of interest). Higher risk deal cause higher incidences of fraud.
draw mortgage (DM)Definition (Mortgages, Real-estate)
A periodic payment made to a construction contractor or subcontractor as work progresses. A draw is part of a construction mortgage.
  ➥  See Progress Advance Mortgage (PAM).
Effort Trust CompanyCompany Est.1978, Canada-wide
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Acceleration Clause — Effort Trust Company
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Empire LifeMCAP Service Corporation

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Index of Mortgage Lender Terms

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Effort Trust Company
Page 2: Empire Life
MCAP Service Corporation
Page 3: Minimum Credit Score
Sun Life Assurance Company...
Page 4: Top of Class
XCEED Mortgage Corporation

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