Effective December 1, 2022, all renewed mortgages will be re-priced at current market rates. If the borrower requests renewal, we will obtain a new appraisal, determine the current LTV, and re-price the deal as if it were a new submission. Upon receipt of the appraisal report, we will present you with an updated rate of return for the renewal term. If you’d like to renew, we will advise the client and once the renewal agreement has been signed by the borrower, we will send the servicing agreement for you to sign.

Please note: if you do not respond to the renewal offer within 5 business days, Hosper will make the most prudent decision as if it were our own mortgage.