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:
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