RSP Loan FAQ

B2B Bank's RSP Loan Program offers competitive rates, a broad range of options and simple administration to help advisors meet more of their clients' savings and investment needs.

We recommend…

1.Logging in to EASE to start an online loan application:

• Enter your client’s name and basic information, such as their address, then save this uniquely coded application for later use.
• Print copies of the incomplete application to use with your client in completing the remaining fields, including yours and their signature(s) and date.
• Log back into EASE to complete the saved application and submit online for faster review and processing.
• If and when approved, mail in the client-signed original application that includes the matching EASE loan application code.

2.Completing a fillable B2B Bank loan application, which can be obtained by clicking here. Print copies, review for accuracy and fill in any missing fields. Sign, date and send the original application including yours and your client(s) signatures.

Yes, in all cases, B2B Bank requires a void cheque from the borrower's personal chequing account from which to withdraw the loan payments. Other supporting documentation may include:

• Letter of Direction (included with the loan application). This form is required if paying out an RSP Loan at another financial institution.
• Proof of assets upon request.
• Proof of income for loan amounts greater than the current year's RRSP contribution limit or for loans with a term longer than 2 years:
  • Salaried income: recent pay stub or Notice of Assessment.
  • Commissioned income: last 2 years' Notice of Assessment.
  • Self-employed income: last 2 years' Notice of Assessment and Financial Statements.

Be sure to fax completed and signed applications and supporting documentation to:

Fax application to:
Attn: B2B Bank Investment Lending
Fax: 1‑866‑941‑7711

OR

Mail application to:
B2B Bank Investment Lending
199 Bay Street, Suite 600
PO Box 279 STN Commerce Court
Toronto ON  M5L 0A2.

Please include the EASE transaction number on all documentation, if available.

Note: Distribution Alliance programs may have different documentation routing. Check the details of your specific program.

EASE stands for Electronic Application Submission Entry. It's B2B Bank's secure online loan application that allows you, the advisor, to enter, save, print and submit RSP Loan applications on behalf of your clients. EASE is:

• fast: offers your clients a status of the application in a matter of seconds;
• easy to use: screens are intuitive – both easy to navigate and complete;
• practical: search functions allow you to retrieve existing applications and monitor their status;
• useful: you can generate a variety of reports for information at your fingertips.

In short, advisors log in to the EASE site at b2bbank.com/ease (new users can register online) and enter their client's information. When all pages have been saved and completed, advisors print the application and have the client sign where required. By clicking the Submit for Credit Review button, the application is submitted electronically for adjudication; a status is emailed and/or faxed to advisors. If approved, advisors then forward the printed application, with the original signatures and all the supporting documentation to B2B Bank for funding. If the status of the application is Under Credit Review, advisors are contacted with a decision typically within one business day by email and/or fax.

That's okay. EASE allows you to come back and complete the application later. An application can be saved as soon as a single character is entered by clicking on Save This Data.

EASE has identified an application in its database with the same client name, social insurance number (SIN) or date of birth. A B2B Bank underwriter will review the application to determine whether it is a true duplication or a new application for the same client. If it is a new application, the duplicate status is removed and the normal adjudication process continues.

Typically, this means B2B Bank requires additional information and/or supporting documentation in order to complete the adjudication process. In this case, you will receive a fax from B2B Bank with further details. Sometimes, this status means that a counter offer has been proposed and is awaiting your response. On occasion, it can also mean that a Credit Bureau warning was generated.

You can make changes to saved applications prior to clicking on the Submit for Credit Review button. The application that the client signs must accurately reflect what is being submitted electronically for credit review. After the loan has been submitted, please make all the changes on the original client-signed application. Note: The client may be required to sign or initial to authorize any changes.

• Online. Go to EASE and enter the new loan amount on Line 1. Then enter the loan amount being consolidated from another financial institution on Line 3. EASE will calculate the total loan amount to apply for. Submit the online RSP Loan application for adjudication as you normally would.
• On paper. On the application, indicate the new loan amount and the consolidated loan amount on the applicable lines of the Loan details sections. We will process the application for the sum of these two amounts.

We know how important it is that funding is done quickly. That's why we've developed checklists that appear on EASE and the paper application as a reminder of what we need to effectively adjudicate your clients' loans. Loans submitted through EASE are funded typically within one business day of receiving and verifying original, completed and signed documentation. Paper applications are funded on a reasonable efforts basis following receipt and approval of completed and signed documentation.

We try to accommodate all of your clients' needs. As such, borrowers may select any day of the month – from the 1^st to the 28^th – whatever is most convenient for them. Flexible payment dates can be helpful to your clients when it comes to managing their monthly cash flow.

Clients can choose to make either fixed or variable interest rate options. Regardless of the option they choose, payments are a blend of principal and interest.

Of course. To pay off their loan, the borrower simply forwards a cheque payable to B2B Bank for the full amount outstanding. All loans can be paid out at any time without any additional charge or penalty from B2B Bank.

Advisors interested in or currently doing business with B2B Bank for RSP loans can visit b2bbank.com/rspcentre for more information, tools, forms and resources.

Existing or prospective clients can visit b2bbank.com/talkrsp for information on the potential benefits of choosing an RSP Loan within their overall financial plan.

If you would like more information on any aspect of B2B Bank's RSP Loan Program, simply call one of our Client Service Representatives at 1‑800‑263‑8349. We're here to help you get the answers you need. Our Client Service Representatives would be happy to assist you Monday to Friday from 8 a.m. to 8 p.m. ET.

You can continue to submit loans in EASE as usual. Once the loan is funded, the price at the time of funding will be applied.

Yes, B2B Bank Investment, RSP and TFSA Loans are open loans, which means they are payable at any time without penalty.

Yes, existing clients should continue to make scheduled loan payments.

No, the deferral option must have been selected prior to the loan being funded.

Yes, clients can request a longer deferral period. Simply amend the application in section #2 (Loan Details) and section #8 (Payment Options) (highlighted below). Be sure to initial beside each change.