On May 14, we held the MCAN Home Welcome Broker Onboarding Webcast! Here’s a quick guide to everything you need to stay informed and up-to-date, as well as some FAQs that popped up in our Q&A Session. Stay tuned for more on 2026 events coming soon…
Remember, you can always access Broker Resources here.
Missed the session, part of it or want to revisit the key points? Access the webcast recording here.
Q: Once you have achieved one of the ICON levels, is it grandfathered or only for that year?
ICON status is applicable for that specific year only—it is not grandfathered. However, once you’ve reached a level, it tends to be easier to achieve it again in subsequent years. Additionally, some benefits like Sprint or Super Sprint pricing may continue based on demonstrated ongoing partnership and volume.
Q: For beacon score, do you look at the main income earner or highest score?
On the Alternative (B) side, the beacon score used is that of the main income earner—even if the difference is minimal. On the A side, this may vary depending on the product, as some programs (such as the Elevate product) prioritize the strongest beacon score rather than income.
Q: Is boarder income accepted on the A side, or just alt?
Boarder income is currently accepted on the Alternative (B) side only. It is not used for A-side applications.
Q: Contributory income is only for 1 person, $1,400, or can 2 persons be contributory $1,400 each?
Contributory income is limited to one individual, up to a maximum of $1,400. However, it can be combined with boarder income (where applicable) to strengthen the overall application.
Q: Contributory income… common law not on title… will you use it?
Yes. Contributory income can include a common-law partner who is not on title, provided they meet the criteria and can demonstrate the ability to contribute financially.
Q: Do you do financing on cottages?
Financing for cottages is generally not available on the Alternative side due to marketability and property risk factors. However, if the property is a four-season home and aligns more closely with standard residential criteria, it may be considered under A-side guidelines as a secondary home.
Q: What is the complete list of documents required to verify contributory income?
To verify contributory income, the following documentation is typically required:
Q: Do you have a graduation program from ALT to the A side?
There is no formal graduation program, but there is a pathway. Clients can transition from Alternative to A-side financing through a refinance, provided their financial profile has improved. This would be treated as a new deal rather than a simple switch.
Q: If I currently have a deal in the Alt side but the structure of the deal may be changing, should I email my BDM, Maxim, or the underwriter?
If the change is material (e.g., a new property), it should be treated as a new deal. For minor adjustments (e.g., closing date changes), the underwriter can assist. As a best practice, include your BDM in communications to ensure alignment and support.
Q: What is your turnaround time on approvals?
Q: Down payment source of income from crypto, already deposited into chequing account—90 days bank statement?
Yes, typically funds should be in the account for at least 90 days. This helps address concerns around volatility and confirms the funds are stable and available.
Q: AVM available only under the Elevate product?
Yes, AVM (Automated Valuation Model) is primarily used under the Elevate product and for insured deals via the insurer. If an AVM is not available or sufficient, a full appraisal will be required.
Q: B side – Canadian resident with overseas income claimed here. Would it be accepted? Employed vs self-employed?
This specific scenario was not directly addressed in the transcript. Based on the session guidance, such cases would likely be reviewed on a case-by-case basis. It’s recommended to submit a deal run to the Alternative team (e.g., Maxim) for assessment, including details on employment type and income verification.
Client support for Credit Optimization, Rehabilitation and Education. Program details here.
There’s an MCAN deal on your desk — not sure how it fits?
Connect with MCAN’s Deal Run team before submitting your deal to review policy, lending areas, property considerations, and overall deal structure.
By running your deal through Deal Run, you can:
Brokers who use the Deal Run desk see an approval rate of approximately 85%.
When in doubt, start with Deal Run — it sets your deal up for success before submission.
Note: Conditions apply and are subject to change. Please contact your BDM for details.
