Mortgage Lenders Response to COVID-19

April 24, 2020

Mortgage Lenders response to COVID-19 Coronavirus

B2B | BMO | CIBC | CMLS | Equitable | Equity Financial | First National |  HomeTrust | ICICI | MCAP | MERIX |  National Bank | Radius |  RBC | ScotiaBank |  TD Street |  XCEED

Mortgage lenders have responded to the COVID-19 Coronavirus in different ways.  To check on a specific lender’s response please choose the lender’s name and click the link for its specific COVID-19 Coronavirus response.

BMO Bank

To help alleviate some of the financial pressures that Canadians may be facing, BMO has introduced a financial relief program for clients impacted by COVID-19. The program is tailored to each individual’s circumstances and needs.

  1. Deferral of payments on mortgages for up to six months.
  2. To apply, customers need to complete the online form. COVID-19 related mortgage deferral is available for all applications received prior to June 30, 2020.
  3. To qualify for the Financial Relief Program, it is important that your mortgage is in good standing.
  4. During the time payments (principal plus interest) are not collected, the interest will continue to accumulate and be added to the outstanding balance of the mortgage at each payment due date.
  5. There will be no impact to the repayment status of the mortgage account in your credit history.



CIBC has put measures in place to offer temporary relief from payments for clients who are experiencing financial hardship. Qualifying products include mortgages. You can request more time to make a payment (your payment will be deferred, and interest and fees will continue to accumulate on the outstanding balance).

  1. To request a deferral, customers must go to the online request form, or speak to their advisor.
  2. To see how CIBC can help you, complete a request for deferred payments form and we will review your unique situation. If necessary, we will contact you to discuss the options that are available to you. You may also reach out to your advisor.
  3. There is no fee for setting up deferred payments on your account.
  4. CIBC will continue to pay your property taxes during the deferral period. To minimize the impact to your payments after the deferral period, you will be required to continue to pay the property tax portion of your mortgage payments during the deferral period.
  5. Having deferred a payment already does not disqualify you from taking advantage of deferred payments that may be available to you at this time. 


National Bank

National Bank Canada is offering a mortgage payment deferral. This special measure allows you to postpone your next payment. Deferring your mortgage payment allows you to postpone your next payment (principal and interest) until the end of the requested term. You can apply for a mortgage payment deferral if you are experiencing financial difficulties related to COVID-19. Our advisors will review your request to ensure that you meet the required criteria and that this solution is the best fit for your situation.

  1. Customers can apply online for a deferral of up to 3 months. If you need to request a deferral past 3 months, contact the bank at 1‑888‑286‑8799.
  2. If you choose to defer your mortgage payments: You must continue paying administration fees, insurance, and municipal and school taxes. The deferred payments will be added to your mortgage balance and will continue to accrue interest. The balance upon renewing your mortgage payments will increase because of the unpaid principal and interest.
  3. Administration fees for the management of your loan cannot be waived. 



Scotiabank is here to help our customers navigate this uncertain time. For individual Canadians who are facing hardships as a result of COVID-19, we have a financial relief program in place that includes assistance with mortgages. If a customer, or any member of your family, has become unemployed or experiences a material reduction in income due to COVID-19, you may be eligible to qualify for relief measures. On a case-by-case basis, they will be working with our customers to make sure that they find solutions that will help address financial hardships caused by COVID-19.

  1. Mortgage payment deferrals are available for customers experiencing hardship. A mortgage payment deferral means that you will not be required to make regular payments on your mortgage (principal, interest and property taxes, if applicable) for up to 6 months.
  2. Mortgage payment deferrals are available for customers experiencing hardship through this link: click here.
  3. If your mortgage payment includes an amount for property taxes, property taxes will continue to be paid during the deferral period if they become due. 


RBC Bank

RBC has put in place financial relief programs for personal and business clients who have experienced financial hardship as a result of the COVID-19 outbreak. Qualifying products include mortgages.

  1. For immediate relief, use the self-serve options available in online banking to get you through the first month and then book an appointment with an advisor for further financial support.
  2. To help clients with immediate relief, many of these programs are available by self-serve, including skip-a-mortgage payment, auto-loan payment, and personal loan payment, all for a period of one month. After that first month, then book an appointment with an advisor for further financial support. Please know that we will continue to work with you to provide further financial assistance (example, up to 6 months on mortgages), should you need our help.
  3. There is no fee and no penalty associated with the financial relief program. 


TD Bank

In response to the evolving COVID-19 situation, we’ve taken proactive measures to further support our customers, colleagues and communities financially. If you have been directly impacted by COVID-19 and are facing financial challenges, we can help.

  1. You can request to defer the equivalent of up to 6 monthly payments.
  2. If you are experiencing financial hardship, you can request to defer the equivalent of up to 6 monthly payments.
  3. Apply Online through the bank’s web portal.


First National

During these challenging and uncertain times, we understand you may be experiencing financial hardship resulting from the current COVID-19 pandemic. Our financial relief program is customized to each individual’s circumstances and include deferral of payments on mortgages.

  1. Deferral of payments on mortgages for up to six months.
  2. To request a payment deferral, please click here to log into your My Mortgage account to submit a payment deferral form.


CMLS Financial

CMLS is committed to finding good solutions to ease the financial pressure you and your family may be enduring during this crisis.

  1. Currently looking at individualized solutions which may include holding a mortgage payment for 30 days up to 6 months of deferred payments.
  2. Borrowers will be asked questions specific to their situation so that we can best plan the impacts of the crises for the near and far futures.
  3. At this time for all customers impacted by COVID-19, CMLS will pay the transaction fee of $75.00 on your behalf.


Equitable Bank

Are committed to working with each of our customers to understand their unique situation and offer financial relief on a case-by-case basis.

  1. Equitable Bank will grant mortgage payment deferrals for up to 6 months for those who are eligible.
  2. If you or any member of your family has experienced a significant loss of income as a result of COVID-19, you may be eligible for financial relief.
  3. We are reviewing all cases and working with each customer to provide flexible solutions.
  4. In order for us to best assist you, please submit a Financial Relief Request.


Equity Financial Trust/Haventree Bank

We understand this is a time of uncertainty as the events around COVID-19 continue to evolve. Please be assured, we are here to help.

If you have been affected by sudden loss of income due to the pandemic, please reach out to us. We are here to listen and want to hear your story. One of our Client Care Specialists will work with you to find the best solution to help with your mortgage.

  1. If you have lost income due to COVID-19, we ask that you contact us well in advance of your scheduled mortgage payment.
  2. Qualifying to defer a payment is on a case-by-case basis so please call us and tell us your story.
  3. There are no fees or penalties for deferring payment(s).


B2B Bank

If you have been directly impacted by COVID-19 and need assistance, please reach out to us at 1-800-263-8349.

  1. During the COVID-19 crisis, B2B Bank is offering payment deferral of principal and interest (skip payment) for an initial period of up to three months.
  2. If you require more than three months of deferral relief, we are asking that you please call us back after the initial three month deferral period. Please note that all payment deferral requests must be submitted on or before June 30, 2020.
  3. To help provide relief to those who need it, fees specific to mortgage deferral requests and NSFs will be waived throughout the COVID-19 pandemic.


Radius Financial

Given recent global events, Radius understands that these may be difficult times for its homeowners. In order to provide some assistance, Radius wishes to highlight that under the terms of your mortgage, you may skip a payment or hold a payment at any time subject to certain conditions.

  1. Under the terms of Radius’s Skip a Payment Program, Radius homeowners may skip a payment at any time.
  2. For the Hold a Payment Program, a payment may be deferred for a specified period of time. Should you elect to skip or hold a payment, Radius will waive any applicable fees and this will not impact your credit rating


Street Capital/RFA

 If you are an RFA client facing financial hardship due to COVID-19, we’re here to help.

To serve you better, we’re asking clients to fill out a form to submit a request to our customer service team.

  1. Complete and submit the form.
  2. If you provided a valid email address, you will receive an email acknowledging your request. If you do not receive this email please check your spam filter.
  3. Together, we will review your payment obligations, your current situation, and discuss available options.


XCEED/XMC Mortgage Corp

We take our responsibility to XMC Clients and Partners very seriously. During this unprecedented time of uncertainty, we want to offer you a measure of confidence and peace of mind. We are here for you with tools and solutions designed to help ease financial burden in the face of economic hardships caused by loss of income due to COVID-19.

  1. XMC Clients may skip or hold their mortgage payments during this time, subject to the terms of your mortgage.
  2. We will waive any associated fees and have suspended reporting to credit agencies to avoid any unnecessary future stress for our Clients who may take advantage of this new enhanced program.
  3. Our XMC Client Services Team is available to review your personal situation and recommend solutions based on the terms of your mortgage.



Given recent global events, MCAP understands that these may be difficult times for Homeowners.

  1. In order to provide some assistance, MCAP wishes to highlight that under the terms of your mortgage, you may defer, or Skip-A-Payment* at any time subject to certain conditions.
  2. Should you elect to Skip-A-Payment, MCAP will waive any applicable fees and this will not impact your credit rating.
  3. If you would like to know more about our Skip-A-Payment program, click here, or login to MyMCAP and submit a Skip-A-Payment request from the self service options menu.



We continue to offer mortgage payment deferrals and other opportunities for relief on a case by case basis to help customers facing financial challenges because of COVID-19. 

If your income has directly been impacted by COVID-19 and need immediate assistance because you are unable to make your mortgage payments, you should contact us five business days before your mortgage payment is due.

  1. You will be offered up to six months payment relief.
  2. Please download and complete this form and email it to five days before your next mortgage payment.


Home Trust

We recognize that COVID-19 is creating unprecedented challenges for everybody.

If you have experienced an income disruption and require assistance, please use this contact form for faster service.

  1. We want to assure you that Home Trust is here to help those experiencing income disruption (layoff, loss of income due to self-isolation, etc.) caused by COVID-19.
  2. We are offering eligible clients a range of relief measures. Please [click here] to begin.



The Corona virus pandemic has impacted our lives. At this extraordinary time, we at ICICI Bank, are committed to stand in solidarity with our customers to help them tide over the crisis.

  1. As immediate relief measures, which are in line with the package announced by the RBI, we are offering customers the choice of opting for an EMI moratorium (postponement of EMIs) for loans.
  2.  We are also offering our customers an option to postpone the interest payable on working capital facilities.
  3.  This moratorium is applicable for principal and interest falling due between March 1 to May 31, 2020.


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