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Sunday, July 10th, 2022

Commissioned Sales People

For commissioned sales people, the general criteria that must be satisfied include:

A commissioned sales applicant is defined as someone who derives 100% of their income from a commissioned source.
The lender is responsible for ensuring that the borrower is a commissioned sales applicant as defined above, with a minimum of two years tenure.
Commissioned sale applicants who are paid a salary plus commission are NOT eligible.
Lender is required to capture the borrower’s “Stated” income and submit to Genworth as part of the application.
The “stated” income should be reasonable based on the type and size of the business.
Reasonableness of the income is a critical factor in the approval of the loan.

For more information, look at Genworth and CMHC’s guidelines.