How Brokers Can Help
Use CMHC Tools To Aid Those Affected By Fires |
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| The Canada Mortgage and Housing Corporation (CMHC) joins Canadians in expressing concern for the people of Fort McMurray and the surrounding area that are dealing with devastating forest fires.
As residents continue to deal with the effects, CMHC wishes to remind mortgage professionals that we can help you assist homeowners that may be affected by these unfortunate events.
For borrowers with CMHC-insured mortgage loans that are affected by the fires and who may require special arrangements to meet their mortgage payment obligations, CMHC offers Approved Lenders a series of default management tools including:
o Deferral of payment
o Re-amortization of the loan, to result in lower payments
o Capitalization of outstanding interest arrears and other eligible expenses
o Special payment arrangements
o A combination of the above
Approved Lenders have the flexibility to make these special arrangements quickly and without CMHC approval provided that they retain a documented analysis of the borrower’s financial situation on file. Approved Lenders can refer to the CMHC Homeowner Default Management Guide for complete details on CMHC’s default management program. Please find attached a flyer providing a summary of these arrangements.
CMHC Homeowner Default Management at a Glance
Approved Lenders are reminded that properties must be adequately protected by standard insured perils and that any damage exceeding $5,000 should be reported to the CMHC Claim Payment Centre.
CMHC recognizes that homeowners affected by the fires may experience some financial hardship due to income shortages resulting from temporary evacuations or due to the need to rebuild or repair their homes. CMHC encourages homeowners with CMHC-insured mortgages to contact their financial institution at the first signs of financial difficulty to discuss their specific situation.
To help you share information with any of your clients that may be affected, please also find attached CMHC’s “Dealing with Mortgage Payment Difficulties” factsheet.
Dealing with Mortgage Payment Difficulties
CMHC’s Default Management Tool Selector can also help lenders to determine what CMHC default management tools are most appropriate given the borrower’s circumstances. CMHC also offers comprehensive training to Approved Lenders covering CMHC’s default management tools and more. If you are interested in obtaining training, please contact your CMHC Account Manager, Client Relations.
CMHC’s Default Management and Claim Specialists are also available to assist you at any time, including before a default occurs and during early stages of payment delinquency. The Specialists have the expertise to help you manage unusual or complex default situations. Contact the Claim Payment Centre, Monday to Friday at 1-866-358-9999 or by email at cpc@cmhc.ca, to speak with a Specialist.
You can work with confidence, knowing that you are supported by an experienced and informed mortgage loan insurance provider in the Canadian housing market. |
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TD Canada Trust
Stay safe, Fort Mac Strong!
Along with the rest of the country, we are deeply saddened by the continuing devastation caused by the wildfire in Fort McMurray. The town is under mandatory evacuation due to the rapid movement of the fire. We are working with the full support of many national partners, and have been overwhelmed by the support from all areas of the bank.
Our first priority is obviously the safety and security of each of our employees in the area. We’re pleased to report that we’ve made contact with each of our employees and TD partners in the market.
In response to the devastating wildfires, TD Bank Group is announcing immediate support to the community and affected customers. We will donate $100,000 to the Canadian Red Cross in support of emergency assistance for those affected by the wildfire in Fort McMurray. TD will also be accepting donations on behalf of the Canadian Red Cross through our branches, EasyLine and EasyWeb, starting May 6, 2016. More details on this to follow.
In addition, we are deploying our Fort McMurray TD Helps program which will provide advice and assistance to personal banking customers in need, including such options as deferrals on payments, relief on fees and providing flexible credit options where needed. Also, we are fully deployed in the Edmonton market to help the evacuees in the market.
TD Insurance is also moving quickly to assist our insurance customers who have been affected by the fire, and will be providing on-the-ground assistance through its Mobile Response Unit in the Edmonton market later this afternoon.
Customers who have questions about their coverage or what additional support TD Insurance is offering in and around the immediate community, we are posting actively on Twitter (@TD_Insurance) and we are available over the phone as well: 1-877-323-0343 (TD Insurance Meloche Monnex) or 1-866-454-8910 (TD Insurance), or lastly 1-866-222-3456 (EASYLINE).
We’ve got outstanding teams mobilized over the past few days, and rest assured this is an active and ongoing situation and we’re doing everything we can to help. In true TD fashion, I’ve been overwhelmed by the outpouring of support, concern and wanting to help from our employees in Prairie and across the country. I’ve heard from many of you who are planning local initiatives – thank you – we are also working on regional plans to help so everyone can get involved.
NATIONAL BANK
Relief Efforts in Fort McMurray
CUSTOMER EMERGENCY NUMBER : 1-888 835-6281
Support measures for clients of National Bank
Since the evacuation began, National Bank teams have been working hard to identify local clients and inter-provincial workers, in all business segments, who have been directly affected by the disaster. These efforts are going well.
Over the next few hours, the Bank’s main business units will implement a coordinated strategy to proactively contact the clients identified via email, cell phone or any other method at their disposal in order to reassure them and address their specific needs.
The measures offered include, among other things:
· Deferred payments on personal loans
· Deferred payments of principal and interest on personal mortgage loans
· Personalized, case-by-case agreements for affected business clients
Affected clients who cannot be reached are invited to contact their branch to discuss their case.
National Bank and its Employees Contribute to Relief Efforts in Fort McMurray
Major donation of $100,000, fundraising drive in branches and proactive efforts to contact affected clients via email, cell or other methods.
Montreal, May 5, 2016 – National Bank is announcing a series of measures to assist the victims of the forest fires in Fort McMurray, with the goal of contributing proactively to relief efforts and providing solutions tailored to the specific needs of evacuated clients.
“National Bank has a long history in Alberta, and these major events are of direct concern to us,” stated Louis Vachon, President and Chief Executive Officer of National Bank. “That’s why we will donate $100,000, half of which originates from employee contributions, to assist the victims. In addition to making an institutional donation and collecting funds in branches, we will contact our clients affected by this disaster to see what we can do to quickly address their financial concerns, as we have done in the past in similar situations.”
National Bank will donate $100,000 to local organizations and/or the Canadian Red Cross to fund first aid efforts and the reintegration that will follow these events. The Bank will also be accepting donations from the public in all its branches across Canada from May 6 to June 6, 2016. Cheques and donations should be made out to “Canadian Red Cross – Alberta Fires Appeal.”
The Red Cross will issue tax receipts for all donations of $20 and over. All funds collected through National Bank branches will be remitted to the Red Cross and used to provide immediate assistance to the victims.
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CANADIANA FINANCIAL
Canadiana Financial has created a Fort McMurray homeowner’s assistance program to aid borrowers with customized payment solutions. Our goal is to provide our valued customers with immediate financial relief during this very difficult time, and to assist with rebuilding the Fort McMurray community.
Effective immediately, Canadiana Financial Corp’s assistance program offers an option of deferring the borrower’s mortgage payment. The borrower will need to call us to speak to a Mortgage Specialist, and we will work with them to provide a range of customized mortgage solutions for each individual’s personal circumstance. Our Customer Service Contact Centre has setup a dedicated team to receive calls and emails from affected homeowners. They will be working extended hours to provide an added layer of support. We are available Monday – Friday 6am – 6pm MDT, Saturdays 8am – 4pm MDT, and Sundays 10am – 4pm MDT.
Contact details are as follows: Phone: 1-877-315-1633, Option #6, Email: CFCmortgagesupport@canadianafinancial.com
We understand that the crisis will extend beyond the client’s mortgage payment and we will work with you to put in place a longer term solution to help our customers and their families to rebuild their homes and their community. The dedicated Fort McMurray Crisis Team at Canadiana Financial Corp. is ready and committed to provide support and assistance. This is a difficult and uncertain time for our Fort McMurray neighbours, and Canadiana Financial Corp. is here to provide assurance and comfort to find their way home.
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ATB Financial offers support to Fort McMurray customers
ATB Financial has made a disaster relief program available to all of its customers affected by the devastating wildfire in the Fort McMurray area. Depending on the customer’s circumstances, ATB will offer emergency overdraft protection, increased credit limits and loan payment deferrals if needed.
“We’ve all seen the TV footage and photos from Fort McMurray and it is a catastrophic situation,” said Rob Bennett, ATB’s Executive Vice-President, Retail Financial Services. “We have customers and team members who have been evacuated and may, in fact, lose their homes. We’ll provide them with the best support we can.”
ATB encourages all customers affected by the wildfire to call our Customer Care Centre at 1-800-332-8383 to go over their individual situations with our team members, so we can provide the best solutions quickly. Customers affected are also welcome to ask questions in person at any ATB branch outside of Fort McMurray. Efforts are also being made to deploy mobile automated banking machines at evacuation sites and staging centres.
ATB will also reach out to business customers affected by the disaster to offer whatever support may be needed.
All 32 ATB team members who live and work in Fort McMurray are safe and accounted for. ATB is providing financial support to help them get through what is a very difficult time.
ATB has also made a $25,000 donation to the Red Cross relief efforts and will continue to monitor the situation and offer help where needed.
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RADIUS FINANCIAL
Dear Partners,
Radius Financial joins Canadians in expressing our concern for the residents of Fort McMurray, Alberta and the surrounding area that are dealing with the current devastating wildfires.
To address the current situation, Radius Financial has established a new phone queue specifically for Fort McMurray residents. To speak with one of our specialist, please contact 1-866-550-8227 option 8.
Radius Financial would like to remind mortgage professionals that we can help you assisting homeowners that may be affected by these unfortunate events and we will be reviewing case by case with the help and collaboration of the mortgage insurers CMHC and Genworth Canada the different possible solutions that are specific to the situation.
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Genworth 1-800-511-8888
First National 1-866-557-5509
RBC 1-800-769-2526
CIBC 1-877-454-9030
Scotiabank 1-800-418-1111
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