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Have you received your Conditional Mortgage Approval Package from your CML Mortgage Professional? If so, Congratulations!

Here are some details and instructions regarding the execution of the package to ensure it is accepted by you.

Important

Please provide ALL required mortgage documents (Conditions) as soon as possible. The Lender can take up to 5 business days and sometimes even more to accept, review and approve supporting documentation depending on their current volumes. The Lender may also add additional conditions if the documentation provided for review doesn’t meet their expectations.

If Purchasing a new property, it is critical that documentation is supplied to the Lender quickly so they may review and approve prior to your Condition of Finance [COF] Day as outlined on your Purchase Agreement. We MUST work together to ensure ALL the Financing Conditions are submitted to the Lender quickly.

If Refinancing or Switching/Transferring, it is important to have ALL the Conditions approved by the Lender so that the mortgage can be Instructed to the Lawyer / Legal Servicing Company as soon as possible to ensure the file can be completed to meet the scheduled Closing Date.

Please provide the Outstanding Mortgage Conditions directly to Your CML Mortgage Professional.

Mortgage Commitment Package

The Mortgage Commitment Package issued by the Lender provides the mortgage financing details, administration costs, pre-payment privileges as well as explanations regarding the required conditions that must be provided and approved by the Lender prior to them removing the "Conditional" aspect to your approval. The commitment must be fully completed, all pages initialed and signed where applicable by ALL applicants prior to it being returned.

FTA Statement of Disclosure

This provincial Fair Trade Act [FTA] Disclosure is a required document when there are Lender and/or Brokerage Fees being charged. This generally occurs when the Conditionally Approved Mortgage is being done by a Non-Prime and/or Private Mortgage Lender. This Disclosure outlines the particulars of the mortgage (i.e.: Principal, Contract Rate, Annual Percentage Rate [ARP], Payment, Cost of Borrowing as well as the additional fees involved and whether the fees are being deducted from the mortgage proceeds or paid outside the mortgage. Please Read the FTA Statement of Disclosure, initial each page and Sign where applicable.

Letter of Direction

The Letter of Direction is a document produced when CML Canadian Mortgage Lender is charging a Broker Fee for the mortgage financing. A Broker Fee is charged when the mortgage is being financed within the Non-Prime, Private or Non Broker Mortgage Channels. These channels require additional work to be done and/or they do not necessarily pay the Brokerage for the mortgage. This is how the Brokerage and your Mortgage Professional are paid for their services. This document will be sent to the your Lawyer or Legal Services Company so the listed Broker Fees will be deducted from the mortgage proceeds and directed to CML Canadian Mortgage Lender. Please Read and Sign where applicable.

MPP Creditor Insurance

CML Canadian Mortgage Lender Mortgage Professionals offer all their clients the opportunity to access Life, Disability and Critical Illness Insurance through their partnership with Mortgage Protection Plan (MPP). MPP Creditor Insurance is underwritten by Manulife Financial, is optional for all clients unless deemed to be ineligible by age. The MPP Insurance Application and Product Information will be provided to you via your Conditional Mortgage Approval Package or Electronically under separate cover.

MPP Insurance is mobile so it does not matter who the Lender is or will be. This coverage should not be confused with any coverages offered by the Lender as their coverages are not mobile and will cease if your mortgage is ever switched to a different Lender. You may choose any combination of coverage available across ALL applicants. Please complete the MPP Application via the method it is provided. A detailed MPP Product Information Brochure is provided with every application. If you wish to waive coverage, please initial the manual application at the top as “Waived” and then sign at the bottom. If you are waiving coverage electronically, please follow the instructions through the link you are provided.

Pre-Authorized Debit [PAD] Form

The Lender's Pre-Authorized Debit [PAD] Authorization may have been included in your Conditional Mortgage Approval Package if the Lender has requested this information. Some Lenders include the request within their Mortgage Commitment or they do not request it at all. If you have not received this document, please refer to the Mortgage Commitment. If there is not a location to list your Bank Account you wish the Lender to debit for your mortgage payments, then they will have your Lawyer or Legal Services Company collect it. If your CML Mortgage Professional is responsible to collect this information, you will see a listed Condition for a VOID Cheque. If the PAD Authorization is required, please Complete this authorization, Date and Sign it.

Clients’ Broker Authorization Form

In many cases, you may be supplied with this form by your CML Mortgage Professional. This Document Authorization has been prepared for ALL mortgage applicants to sign and date. This document grants permission for the Lender to supply your mortgage information to the listed CML Mortgage Professional after the mortgage has been closed.

This can be very helpful in the future when you are looking for mortgage information and/or various details as it enables you to contact your CML Mortgage Professional to inquire on what information you are seeking and they will contact the Lender to obtain this information for you. In some cases, your CML Mortgage Professional has back channels with the Lender so information can be obtained quickly. This document is optional but is quite beneficial if signed and returned. The authorization does not grant your CML Mortgage Professional the ability to change anything such as payment frequency, bank account debit set up, etc. Your authorization directly with the Lender would be required for any changes.

Property Tax Payment Instructions

It is important to discuss and clarify your intended method of paying the Property Taxes for the subject property. The Lender doing your mortgage may dictate the method in which you must pay your property taxes or your preferred method may not be available with the Lender, such as making an annual payment only. Lender Policies can vary and if your requested method is not accepted by the Lender, your CML Mortgage Professional will advise so alternative choices can be made. Note – The best and most efficient method to pay property taxes is to sign up for the municipality’s Tax Installment Payment Plan [TIPP]. Visit your municipality’s website for further details and how to sign up.