FirstLine Mortgages - Home Page
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Frequently Asked Questions
|Q1: |Under what name should this mortgage be registered? |
|A: |CIBC MORTGAGES INC.,trading as FirstLine Mortgages. (except BC, SK the mortgage should be registered under CIBC|
| |MORTGAGES INC.) |
| |
|Q2: |Where can I get copies of Instructions to Solicitor and Our Legal Forms? |
|A: |Online at by selecting "if you’re a solicitor". |
| |
|Q3: |What are the basic documents you require to advance a mortgage? |
|A: |4 Business days prior to closing we require: |
| |1. Solicitor's Interim Report/Requisition For Funds with your trust account information. |
| |On or before the closing date: |
| |2. Title Insurance Company Name & Policy # if applicable |
| |3. IVF Form |
| |4. Signed Pre-Authorized Chequing Form |
| |5. Void Cheque |
| |
|Q4: |How can I obtain mortgage funds? |
|A: |Please provide us with a copy of your "Trust Account Cheque". This information is required in order for us to |
| |EFT (electronic funds transfer) funds to your trust account for all future mortgages. Please fax a copy of the |
| |void cheque to the advancer. |
| |
|Q5: |What if’s……regarding the pac form and void cheques. |
|A’s: |1.If the client has an account with CIBC but cannot provide a void cheque: |
| |Please ensure that the pre-authorized cheque form is completed in full with all the required information |
| |including the institution number/transit number and account number. We will verify the account information. |
| |2.Existing client(s) who are refinancing: |
| |If the client(s) wants us to continue debiting their existing account on file for the new mortgage we will |
| |require written direction to do so and the pac must be completed and signed accordingly. |
| |3.Pre-authorized forms from other institutions: |
| |Pre-authorized forms from other financial institutions can be taken in lieu of the void cheque but not our pac |
| |form. The form should include the bank, transit and account information. It should have the name(s) of the |
| |mortgagor(s) on the account and be signed off by a bank representative or have a bank stamp. |
| |The account can be a chequing or savings account with debiting privileges. |
| |4.Blank void cheques: |
| |There are instances when a client(s) has just opened a chequing account and provides a void cheque that have no|
| |names on it. Please have the solicitor confirm |
| |in writing that it’s the client(s) account or have the client(s) obtain verification in writing from their bank|
| |by way of a pre-auth form as stated in # 3 above. |
| |5.Person(s) not on the mortgage: |
| |We cannot accept any void cheques that don’t have a least one person that’s on our mortgage. |
| |8.Personal mortgage, investment accounts: |
| |If you have a personal mortgage and the void cheque is from an investment company we cannot accept. It would |
| |fall under the same guidelines as # 5. |
| |pany mortgage, personal guarantor(s). Void is in company name: |
| |If the mortgage is in a company name and the void is in the same company name this is acceptable. The pac form |
| |should be signed by one or any of the guarantor(s). |
| |pany mortgage, personal guarantor(s). Void is in guarantor(s) name: |
| |If the mortgage is in a company name and the void is from the guarantor(s) this is acceptable. The pac form |
| |should be signed by one or any of the guarantor(s) on the void. |
| |11.Personal mortgage. Company void cheque: |
| |If the mortgage is in a personal name with a company void cheque we will require either Articles of |
| |Incorporation / Business License to verify who the signing authorities are OR written confirmation from the |
| |solicitor of who the signing authorities are. All the signing authorities for the company must sign the pac |
| |form. |
| |12.Spouses: |
| |If there are spouses on the mortgage and the void cheque is in both names, either or can sign the pac. |
| |If you have one spouse on the mortgage and void cheque is in both spousal names, the person who is on the |
| |mortgage must sign the pac form. |
| |13.Unknown persons on the void cheque: |
| |If you have a void cheque with an unknown name on it then we require all parties to sign the pac form. |
| |14.Hand written acct information: |
| |Under no circumstances will we accept a void cheque where the client(s) have hand written or changed their |
| |banking information. This falls under the same guidelines as #4. |
|Q6: | |
|A: |A Disclosure Statement will be faxed to your office 7 days prior to closing date. The Disclosure statement is |
| |to be given to the client for reference only, it does not have to be signed. |
| | |
| |
|Q7: |Do I insert any schedules with the Charge/Mortgage of Land? |
|A: |No. |
| |
|Q8: |Where do I fax my request for payout statements for existing FirstLine mortgage or Bridge Financing? |
|A: |The request can be faxed to 416-945-6500 or 1-800-267-2080. Attention: Payout Department. |
|Q9: |What is your address for mortgage registration purposes? |
|A: |33 Yonge Street |
| |Suite 700 |
| |Toronto, Ontario |
| |M5E 1G4 |
| |
|Q10: |Do I amend the mortgage forms with a pre-printed address for service? |
|A: |No. Please use the pre-printed address for service. |
| |
|Q11: |Where do I send my final report and final bridge documents? |
|A: |PO Box 115, Commerce Court Postal Stn |
| |Toronto, ON |
| |M5L 1E5 |
| |Attention: Final Document Department |
| |
| | |
|Q12: |How do I register a Fixed rate mortgage? |
|A: |Follow details provided on our web site under FirstLine Mortgages Solicitor’s instructions by selecting “How to|
| |register a FirstLine Mortgage”. You can also obtain the information from the mortgage disclosure statement and |
| |the most current copy of the Modification of Mortgage Loan Approval. |
| | |
|Q13: |How do I register a Variable rate mortgage? |
|A: |Follow details provided on our web site under FirstLine Mortgages Solicitor’s Instructions by selecting “How to|
| |register a FirstLine Mortgage”. |
| | |
|Q14: |How do I register a Matrix / LOC mortgage? |
|A: |Follow details provided on our web site under FirstLine Mortgages Solicitor’s Instructions by selecting “How to|
| |register a Matrix Mortgage”. A schedule must be attached to the charge/mortgage of land for Matrix / LOC |
| |Mortgage. |
| | |
|Q15: |What payment frequency dates do I register the mortgage with? |
|A: |The mortgage can be registered either Monthly OR according to the clients payment frequency, as advised on the |
| |Disclosure Statement and the most current copy of the Modification of Mortgage Loan Approval. |
| |Payment frequency dates are as follows: |
| |Monthly is on the first of the month, Semi-Monthly is on the 1st and 15th of the month, Bi-Weekly is every |
| |other Friday and Weekly is every Friday. |
| | |
| | |
|Q16: |Can one lawyer substitute for another? |
|A. |In the event that the lawyer acting on our behalf is not able to meet with the clients with respect to the |
| |signing of our documents then another solicitor may be appointed. However the lawyer must be a member of the |
| |same law firm. Only notaries can sign in BC. All lawyers must be real estate licensed and in the province of |
| |Ontario they must be real estate insured. |
|Q17 |Insufficient Identification for IVF |
| | |
|A: |Please notify your Advancing Officer immediately. Please allow 48 hours to review any exceptions. Funds are not|
| |to be released until you receive verbal or written consent from the advancer or advancing manager. |
| | |
|Q18: |How is the interest compounded on the mortgage? |
|A: |Semi annually not in advance |
| | |
|Q19: |Who pays out the existing FLM mortgage? |
|A: |Firstline will order the payout statement and automatically deduct the existing FLM mortgage from the new |
| |advance. |
| |Please note that if Firstline is currently paying taxes on behalf of the client(s) we will continue to do so. |
| |Any existing tax credit will be transferred over to the new mortgage. |
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