News

Launch of the First-Time Home Buyer Incentive (FTHBI) program

With the September 2, 2019 launch of the Federal Government’s First-Time Home Buyer Incentive (FTHBI) program, the Mortgage Insurers (CMHC, Genworth and Canada Guaranty) have been in extensive discussions with Canadian Mortgage Lenders in regards to the manual procedures required for a Lender to request the program from the Insurer.
Similar to this manual request process between the Lender and the Mortgage Insurer, there will also be a manual request process between the Mortgage Broker and the Lender for this program. Based on our discussions with many Lenders, here is a general recommendation regarding how to reflect the FTHBI program request on your Filogix Expert mortgage application:
1. Break down the Down Payment Sources
Use the capability within Filogix Expert to break down the down payment sources to reflect the portion eligible under the program, with the ‘Description’ area being a free-format text entry field to indicate this. This down payment breakdown is currently included with the data sent to the Lender:

2. Use the “Lender Notes” Function
Use the Lender Notes function within Filogix Expert to request application of the incentive program to the mortgage request. The content in the Lender Notes section is currently sent to the Lender with the mortgage request data:

It is the responsibility of the Mortgage Broker to:
• Determine if their client is eligible for the incentive program;
• Apply that down payment amount to the total down payment for mortgage calculation purposes;
• Obtain signed consumer consent as per the FTHBI consent form; and
• Request the program (with explanation) as part of their mortgage submission to the Lender.
Information on the First-Time Home Buyer Incentive program including eligibility calculators and consumer consent form can be found on the following website:https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive

Thank you,
Filogix Broker Services

Join Filogix at the 2019 Alberta Convention!

You belong in Banff! Connect with the Alberta mortgage community June 2-4, 2019 at the Fairmont Banff Springs, one of the most historic settings in the Rocky Mountains. The convention, presented by the Alberta Mortgage Brokers Association and Mortgage Professionals Canada, offers inspirational and informative sessions as well as opportunities to network with 300+ industry members and 50+ industry partners. For more information or to register for the conference, visit AMBA.ca.

Equifax Credit Score Rebranding May. 10, 2019

Please see attached communication from Equifax Canada regarding Dec. 10, 2018 credit score name change.

Acrobat Document

CONGRATULATIONS RYAN SPENCE FROM OUR CANADIAN MORTGAGE TECHNOLOGY TEAM! THE 2018 MORTGAGE PROFESSIONALS CANADA FOUNDERS AWARD WINNER

At the end of October, MPC hosted Canada’s largest Mortgage conference in Montreal, QC. with over 1,200 delegates, 30+ speaker sessions and 70+ exhibitors. Many of our team members attended to connect with important partners and providers, but also to celebrate an amazing achievement by one of our very own, Ryan Spence. Ryan was presented with the 2018 MPC Founders Award.
The Founders Award honours outstanding contributions by an individual member both to their profession and to Mortgage Professionals Canada. Recipients of this award have played a significant role in raising the profile of the association and have provided outstanding service to the association for an extended period of time.
Over the past two decades, Ryan Spence has played a key role in transforming the landscape of the broker industry across Canada. As a long time Education Director at the Alberta Mortgage Brokers Association (AMBA), he has helped to establish some of the most robust standards and practices in the industry.
Ryan and his family live in Calgary Alberta, where in his spare time you will find him biking, hiking, skiing or some sort of mountain adventure somewhere living life to its fullest.
Please join us in congratulating Ryan for receiving this honour and thanking him for his contributions to both Filogix and the Canadian mortgage industry over the last 17 years. Your impact on our customers, your peers and the industry as a whole is nothing short of exceptional, on behalf of the entire Finastra team thank you!

Equifax Credit Score Rebranding Dec. 10, 2018

Please see attached communication from Equifax Canada regarding Dec. 10, 2018 credit score name change.

Acrobat Document