Lender Spotlight allows you to filter correctly to help get results that will be relevant to the client situation you are reviewing. Below are some key reasons why and when to use each filter. To get the most out of filtering! Start by filtering to identify lenders that have products that suit your clients needs. Then click on the lender and you can filter heir products further for more precise results.
Provincial Availability; This filter is critical as some lenders will have rates that are denoted for a specific province. If you are a broker for example located in Alberta but a particular lender has a rate related to only British Columbia and Ontario, you could end up disappointing your client by offering them a rate that is not available to you.
Transaction Type; This filter allows you to select the correct rate based on the type of transaction you are working on. By not using this filter you may offer the wrong rate for the transaction type you may have.
Purpose; Use this filter to confirm what the purpose of the transaction is. Please note that rentals are divided into two categories since 2-4 unit rentals can be insured. If you select the wrong purpose you may offer clients the wrong rate for what you may be discussing with them.
Rate Type & Program; These are super powerful filters to help differentiate rates and help you refine your results. For example, using BFS Stated Income Filters sorts out lenders that have a BFS Stated Program. The thousands of results can be narrowed quickly .
Term Type. Using this filter will help you make a better decision by reviewing less material. If you do not filter you may not notice you’ve picked a variable rate and assume it’s a fixed rate.
Term, When using this filter you are selecting only the rates that fall into that year. For example, if you select 4 year you will not get 1, 2 and 3 year’s rates, you are only getting 4 year rates. You can however, select more than one term.
Amortization, The only selection currently available is 25 year, 30 year and 35 year. If you type 28 year, you will get 25 year rates as it falls under 30 year. If you have a different amortization, take a look at the amortization policy or read the policy notes in any of the cards for clarification.
Mortgage Amount, Enter the maximum mortgage amount you need. Please note, this amount does not include the default mortgage insurance.
Property value, Enter the maximum value on your property. The value Lender Spotlight assumes is only the property value, not any land transfer taxes etc..
LTV, This value will be calculated automatically by entering the mortgage amount and property value or you can adjust it yourself manually if you know it .
Insurance, Select the insurance scenario that applies to your file. If you leave it off you may not be getting answers that are relevant to the situation for which you are searching.
Lenders, In the Lender Spotlight lender list you can select “all lenders” or you can choose to only show results for specific lenders that you have selected. For example, using the multi-lender select option you can narrow your search to key lenders you might work with on a regular basis.
Lender Type, You can limit your search further by only selecting one of the following, Alternate, Bank, Monoline or Credit Union.
Beacon, Enter your client’s Beacon (300-900). For a client with no beacon you can use the lowest figure, as you will get shown products loaded on Spotlight that have no minimum. You can also find more information on the card.
Rate Hold- Select your rate hold period of 30,45, 60, 90 or 120. Leave it to “all” to display all rate holds. Note that if you select 120, you will not get all other rate hold periods, you get only rates lenders denote as having a 120 day rate hold period per their rate sheets.
Should you have any questions please click the chat bubble for help.