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.
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.
