Dashboard / Underwriting & Approval
Underwriting & approval
Every deal is reviewed, risk-rated and approved by someone with the right approval limit before a commitment can go out.
Underwriting queue
| Borrower | Property | Position | Amount | LTV | Rate | Submitted | Underwriter | Approver needed | Status |
|---|---|---|---|---|---|---|---|---|---|
D. Chen Lead #L-2041 · Summit Mortgage Group | 12 Cedarview Dr, Markham | 1st | $520,000 | 68.0% | 9.49% | Sep 26 | Priya Nair | Owner (over $500K) | In review · open below |
G. Mehta Lead #L-2037 | Richmond Hill | 2nd | $400,000 | 74.0% | 12.49% | Sep 23 | Priya Nair | Underwriter | Awaiting docs: insurance |
E. Kowalski Rush Lead #L-2035 · closing Oct 8 | Burlington | 1st | $190,000 | 50.0% | 8.49% | Sep 22 | Priya Nair | Underwriter (within limit) | Ready for approval |
Lakeview Plaza Inc. Lead #L-2029 · commercial | Pickering | 1st | $2,000,000 | 58.0% | 10.49% | Sep 18 | Alex Morgan | Credit committee (over $1.5M) | Committee: Oct 1 |
B. Osei Lead #L-2031 · Summit Mortgage Group | Ajax | 1st | $330,000 | 65.0% | 9.99% | Sep 15 | Priya Nair | Underwriter (within limit) | Approved Sep 17 |
H. Kim Lead #L-2024 → Deal #1231 | North York | 1st | $610,000 | 62.0% | 9.49% | Sep 12 | Priya Nair | Owner (over $500K) | Approved with conditions Sep 19 |
K. Obi Lead #L-2019 · Broker portal | Brampton | 2nd | $165,000 | 82.0% | 12.99% | Aug 26 | Priya Nair | Underwriter | Declined Aug 28 · LTV too high |
Select a file in the queue to open it below. When the queue is empty: “No files in underwriting. Send a lead to underwriting from its lead file and it will appear here.”Send a lead to underwriting (from the lead file)
Underwriting file · Lead #L-2041
David Chen — 12 Cedarview Dr, Markham
In review1st positionRefinance + debt consolidationRate exception −0.50%
Underwriter Priya Nair · approver Alex Morgan (Owner) · submitted Sep 26, 9:40 AM
This deal would break 1 concentration limit: York Region exposure would reach 27% of the portfolio (limit 25%). An Owner must approve the exception with a note. Portfolio risk
Loan amount
$520,000
LTV (primary)
68.0%
Combined LTV (all security)
58.0%
Risk rating
B
Deal snapshot
- Purpose
- Refinance: pay out RBC 1st ($310,000) and consolidate about $150,000 of credit card and line-of-credit debt
- Rate
- 9.49% · rate sheet 9.99% (65–70% band) · exception
- Lender fee
- 2.00% · $10,400
- Broker fee
- $5,200 · Summit Mortgage Group (A. Lee)
- Monthly interest
- $4,112.33
- Security
- 1st charge 12 Cedarview Dr, Markham · collateral 2nd charge 88 Harbourview Ln, Pickering
- Lawyers
- Borrower: Chen & Associates LLP · Lender: Whitfield Law PC
- Target closing
- Oct 10, 2026
Underwriter checklist
5 of 8 completeItems marked FINTRAC or doc tick themselves from the KYC record and the lead's document checklist; the rest are ticked by the underwriter.
Credit
- Credit score
- 648 (Equifax Beacon, pulled by broker Sep 23) · entered manually
- Credit notes
- Utilization high (about 85%) on 3 cards and a line of credit. No collections, bankruptcies or consumer proposals. One 30-day late payment on a Visa, Mar 2025.
- Credit report
- (in the borrower's documents)
- Property tax
- Not in arrears (per the lead)
Phase 2: pull credit directly from Equifax / TransUnion. Version 1 has the score and report entered or uploaded by hand.
Income & employment
- Employment
- Self-employed: owner, Chen Renovations Inc. (8 years)
- Stated income
- $145,000 / year (David) · $82,000 / year (Lina)
- Verified by
- 2024–2025 NOAs: missing · business bank statements (6 months): received
- Other debts
- Credit cards and line of credit about $150,000 (paid out from proceeds) · car loan $620/month
- GDS / TDS
- 41% / 46% after consolidation (optional for private lending; shown for reference)
Borrowers & guarantors
Open contacts| Name | Role | Credit | KYC | Net worth (stated) |
|---|---|---|---|---|
| David Chen | Borrower | 648 | Verified Sep 24 | $1,120,000 |
| Lina Chen | Co-borrower | 715 | Missing | — |
Primary: 12 Cedarview Dr, Markham
- Type
- Detached, 2-storey, owner-occupied
- Value used
- $765,000 (broker estimate, supported by comparables below)
- Appraisal
- Pending (from the lead document checklist)
- Existing charge
- RBC 1st $310,000: paid out from our advance · statement received
- Our charge
- 1st
Collateral: 88 Harbourview Ln, Pickering
- Type
- Semi-detached, rental
- Value used
- $640,000 (MPAC and comparables)
- Existing charge
- Scotiabank 1st $295,000 · statement missing
- Our charge
- Collateral 2nd
- Equity available
- $345,000
A property with tax arrears also shows In arrears here.
Comparable sales: 12 Cedarview Dr
| Address | Sold | Type | Price | Distance | Notes | |
|---|---|---|---|---|---|---|
| 21 Cedarview Dr | Aug 2026 | Detached | $782,000 | 0.1 km | Similar size, updated kitchen | |
| 7 Birchmount Crt | Jul 2026 | Detached | $755,000 | 0.6 km | Original condition | |
| 140 Elm Ridge Ave | Jun 2026 | Detached | $748,500 | 0.9 km | Smaller lot | |
| Average | $761,833 | |||||
Exit strategy
Stress check
- Value −10%
- LTV 75.5% · still inside guidelines
- Value −20%
- LTV 85.0% · covered by collateral (CLTV 65.1%)
- Selling costs
- About 5% → net recovery covers principal + 6 months interest
Risk scorecard
1 = weak · 5 = strong · change a score to recalculate| Factor | Evidence | Weight | Score |
|---|---|---|---|
| Loan-to-value | 68.0% primary · 58.0% combined | 30% | |
| Credit | Beacon 648 · high utilization | 20% | |
| Property type & location | Detached, Markham, high marketability | 15% | |
| Exit strategy | Refinance in 9–12 months; backup sale of collateral | 20% | |
| Borrower profile | Self-employed 8 years, owns 2 properties | 15% | |
| Weighted score | 3.55 | ||
Risk rating
Acceptable risk. Standard pricing and conditions.
- A 4.2+
- Low risk: best pricing
- B 3.5–4.19
- Acceptable: standard terms
- C 2.8–3.49
- Elevated: tighter conditions, Owner approval
- D below 2.8
- Decline, or credit committee only
Approval conditions
| Condition | Type | Needed before | Status |
|---|---|---|---|
| Satisfactory appraisal ≥ $765,000 | Standard | Commitment | Outstanding |
| Proof of insurance naming lender as loss payee | Standard | Funding | Outstanding |
| Mortgage statement: RBC on 12 Cedarview Dr | Standard | Commitment | Received |
| Property tax paid to date | Standard | Funding | Satisfied |
| Solicitor's report on title | Standard | Funding | Outstanding |
| PAD agreement signed | Standard | First payment | Outstanding |
| Letter of explanation for 2024 income gap | One-time | Commitment | Waived |
Statuses: Outstanding · Received · Satisfied · Waived (updated on the lead). Missing documents are offered as conditions when you approve with conditions.Conditions go into the commitment letter and are tracked on the lead
Drafted automatically from the file. Edit before submitting.
[Lender Name]
Credit approval memo · confidential
Lead #L-2041
September 26, 2026
September 26, 2026
David Chen: $520,000 first mortgage
12 Cedarview Dr, Markham ON · collateral 2nd on 88 Harbourview Ln, Pickering ON
Request
12-month interest-only 1st mortgage at 9.49%, lender fee 2% ($10,400), to pay out RBC ($310,000) and consolidate about $150,000 of unsecured debt. Referred by Summit Mortgage Group.
Security & value
LTV 68.0% on $765,000 (appraisal pending Sep 30). Combined LTV 58.0% including the collateral charge on the Pickering rental (value $640,000, Scotiabank 1st $295,000).
Borrower
Self-employed 8 years (Chen Renovations Inc.). Beacon 648. High utilization is resolved by this loan. RBC mortgage paid as agreed for 7 years.
Exit
Refinance to a B lender in 9–12 months once credit recovers; backup is sale of the Pickering rental.
Exceptions
Rate 9.49% is 0.50% below the rate sheet (65–70% band, 9.99%) at the broker's request, justified by the collateral bringing combined LTV to 58.0%.
Risk rating & recommendation
B (3.55 / 5). Recommend approval with conditions: satisfactory appraisal, Scotiabank statement, 2024–2025 NOAs, insurance binder.
Prepared by Priya Nair, Underwriter · For approval by Alex Morgan, Owner
Approval workflow
Submitted for approval by Priya Nair (Underwriter)
Sep 26, 9:40 AM · amount $520,000 is over her $500,000 limit, so it went to the Owner
Awaiting decision: Alex Morgan (Owner)
Reminder sent Sep 26, 9:40 AM
Commitment letter unlocks after approval
Approver needed: Owner ($520,000 is over the Underwriter limit, and the rate exception always needs Owner approval). For someone without the limit, Approve is greyed out.
Commitment letter: locked
A commitment can only be generated and sent after this deal is approved. This stops terms going out that nobody signed off on.
After a decline the workflow reads “No commitment: the deal was declined.”
Decision history
| Date | By | Action | Comment |
|---|---|---|---|
| Sep 26, 9:40 AM | Priya Nair | Submitted | Recommend approve with conditions. Rate exception noted. |
| Sep 25, 3:15 PM | Priya Nair | Info requested | Asked broker for Scotiabank statement and NOAs. |
| Sep 24, 2:30 PM | Alex Morgan | Assigned | Assigned to Priya Nair. |
Approval limits
Edit| Role | Can approve up to |
|---|---|
| Underwriter | $500,000 · LTV 75% · rating A–B |
| Owner / Admin | $1,500,000 · LTV 80% · any rating |
| Credit committee | Over $1,500,000, or rating D |
Rate or fee exceptions always need Owner approval, whatever the amount.
Approve deal
D. Chen · $520,000 1st · 9.49% · rating B
Approve with conditions
Conditions are added to the commitment letter and tracked on the lead.
Decline deal
The lead is marked lost with this reason, and the broker is notified if you choose.
Request more information
Sends the file back to the underwriter or broker with a task.
Enter credit report
Enter the key numbers and attach the bureau report PDF.
Reassign underwriter
Add comparable sale
Add approval condition
Income & employment
How income was verified, other debts and ratios.
Add note
The note is saved on the lead's activity.