On April 17, 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 2025 events coming soon…
Remember, you can always access Broker Resources here.
📺 Webcast Recording
Missed the session, part of it or want to revisit the key points? Access the webcast recording here.
📊 Deal Run
There’s an MCAN deal on your desk! Unsure? Connect with the deal run team to discuss policy, lending areas and property questions ahead of submission. Your approval ratio is about 85% when you use the deal run team AND we’ll add 5 bps to your comp!
Reach out to: DealRun@MCANfinancial.com
Frequently Asked Questions
Rental Addback vs. Rental Offset
- Addback: Adds rental income to the borrower’s total income (95% for owner-occupied with self-contained rental suite, 90% for subject rental).
- Offset: Deducts expenses from the rental income (90% for non-subject properties on the B side; 80% for insured/insurable).
- Offset is better for ratios and is used for non-subject properties.
Max TDS/GDS for BFS
- Standard: 55/55. For owner-occupied properties only.
- Can be pushed to higher ratios on exception with strong credit (640+ Beacon).
60/60 GDS/TDS at 80% LTV
- Available for strong credit (640+ Beacon) on exception. Owner-occupied properties only.
ALT Program Availability
- For purchase and refinance only (no switches).
- Second mortgages allowed behind MCAN’s first position, up to 80% LTV. As long as they work in the ratios.
Lending Locations
- Urban areas typically approved; for less common locations, consult your BDM or the deal run desk.
Is 55/55 or 60/60 available for Rental Properties?
- Yes, but ratios are tighter for rentals (standard 48/48; up to 50/50 on exception).
- Strong credit (640+ Beacon) may qualify for up to 60/60. For owner-occupied properties only.
Score Program
Client support for Credit Optimization, Rehabilitation and Education. Program details here.
