Taking an Application

Essential Information

Keep detailed written records of all conversations with your clients including dates and times. Meeting with your clients will reduce the chance of fraudulent transactions.

Applicant Details

Complete name as it appears on the applicants’ drivers’ license. Social Insurance Number (SIN), and phone numbers. If the client refuses to give out their SIN number, leave that space blank.
 If there is only one applicant, uncheck the ‘Applicant 2’ check box.

Marital Status

If the client is divorced or separated you must include any child support and or alimony payments in the liabilities section, therefore legal separation or divorce papers may be  required as proof. Some banks may accept a statutory declaration in lieu of legal papers on exception. Please see the LenderVault category ‘Divorce/Separation Agreement’ under Documents, to find possible exceptions.


Clients’ 3 year history of residence is required.


Gross income is required (before tax income). Three year history is required to submit on Filogix.


Most lenders require a current pay stub and letter of employment (LOE) that states title, pay structure, and tenure. Part time income may be considered if the client has a 2 year history. Use the average of the 2 years income if the part time income is increasing. Use the last year’s income if the income has decreased.  Some lenders will accept part time income if the hours are guaranteed. Please see the LenderVault  ‘Income Part Time’ in the Income category to find banks in this group. Bonus and overtime will not usually be considered unless there is a two year proof of payment.  Please see the LenderVault category ‘Income Bonus’ in the Income category for banks that may make an exception.

Full time hourly employees: must be guaranteed 40 hours per week or full time . Only 40 hours will be used to calculate their income unless the applicant has 2 years of NOAs to prove their income is consistently higher. (Some exceptions may apply).

Self Employed

If your client is self employed, the lender will likely require proof that they have a company. This proof will vary according to lender. There are specific Business for Self (BFS) programs available for BFS clients who may keep some income in their company, which makes their personal income low. If the personal income is enough to qualify, use 2 years of tax returns, (NOA line 150) and use the average if the income is increasing. You are usually allowed to gross up the income by 15% to account for extra write offs by the self employed applicants. Please see the LenderVault ‘Self Employed Income’ under the Income category for banks who will accept this gross up. Be sure to choose Stated Income on the LenderVault system page one, if using a BFS stated income program. BFS clients in the same business for more than 3 years will  be required to prove their income by a third party with most lenders.

Commissioned employees

Use the income on line 150 of their NOA. Two year’s average income will usually be required, although this will vary by the lender. If the income is decreasing, the lower amount will be used.
Choose:  Income Verified option on LenderVault’s page one.


This helps determine financial net worth, and a positive financial net worth is essential to being approved quickly. How much does the client have in the bank on payday? Do they own cars, boats, RRSP’s, stocks, savings, etc.?  Jewelry and art can be listed if it is insured. If an auto loan shows up on the credit bureau, make sure to list it as an asset as well. Under Description be sure to give details of the where the asset is located, or type and year of vehicle etc.


If you have chosen ‘single’ and ‘copy’ when pulling the client’s credit bureau, their liabilities will automatically populate in the liabilities section. For credit card debt  the lenders will use 3% per month of the outstanding balance. If you have manually added the debt payment amounts be sure to delete when you do the actual credit bureau pull so as not to duplicate the debt amounts. This credit information is not to be shared with anyone including the client’s co-applicant, their spouse, or realtor. Equifax requires that the client pull their own credit report if they wish to find out their own beacon score as well. The credit report is to be used to help the client obtain a mortgage only. Please contact your Broker for current Equifax guidelines.  You can advise the clients of their increased options by paying off some or all of their debts.

Properties Owned

If the client owns any properties they must be added here.

Mortgage Information

Add the mortgage information for each property currently owned. You should obtain the mortgage statements ahead of time as they will be required by the lender. If the property is a rental be sure to add Rental Income and appropriate Rental Offset. See LenderVault ‘Rental Offset ‘ under the  Income category. Lease agreements will be required to prove the existing rental income.

Subject Property

Information for the property being purchased goes here. Obtain this information from the MLS listing sheet if available. If it is a refinance ask the client if they have an old MLS listing from when they purchased the home. Most banks want $65 to be added for Heating, although some require $85-MCap for example.

Down Payment

You must add as many sources that are applicable for down payment. Make sure that the down payment amounts are listed in the Assets section as well unless the money is coming from a property being sold. The amount total here must match the Down Payment in the next section.

Mortgage information

Check the Offer to Purchase to make sure that the amounts are correct for the Down Payment. If you are just doing a prequalification to discern the amount the client qualifies for, you can adjust the numbers in this section.

Mortgage Request Details

Some banks cannot receive applications on Filogix unless they are checked of  as ‘A’ line of business.
If the property is to be insured this is the place to add the appropriate fee. Check the LenderVault Resources tab on the Home Page to find the links to the three main insurers listed here for applicable fee amounts.-CMHC, Genworth, and AIG-UG.

Qualifying Details

The interest rate used to qualify a client may be different than the actual interest rate to be charged, for example if the rate is going to be a variable or adjustable mortgage rate, or for certain products. Check with the lender’s website to discern what the qualifying rate needs to be.


Make detailed notes for the underwriter to view. Note the interest rate, term, amortization, and whether the deal is for an owner occupied or other type of property. Be sure to include any details that will explain the strength of your deal. If you are looking for an exception this is the place to note the exception and the reason you think it still qualifies. Once you submit the deal to a lender, check to make sure it shows as ‘submitted’ or ‘queued’ on the Filogix system.

If the deal is being submitted to FirstLine Trust, click the ‘Insert Consent Text’ tab and fill in the time and date that you obtained consent from your clients to pull their credit.

If you are arranging a mortgage that requires an appraisal, be aware of the turnaround time for the appraisers in the area that the property is located so that you have enough time to obtain an approval prior to the Finance Condition Date. See the ‘Find an Appraiser’ tab on the Resources page of LenderVault.