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Canada’s big banks have already fielded 213,000 requests for mortgage deferrals under coronavirus-relief plan

Canada’s big banks have already fielded 213,000 requests for mortgage deferrals under coronavirus-relief plan
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More than 213,000 requests to defer payments have been completed or are being processed since the country’s six largest banks announced the plan last week, Mathieu Labreche, a spokesman for the Canadian Bankers Association, said Thursday in an interview.

“The large number of customers that have been helped continues to grow as the result of concerted efforts by front-line workers, contact-centre agents and operations teams working diligently,” he said.

Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and three other large lenders to provide financial relief to Canadians impacted by the economic consequences of Covid-19, with mortgage deferrals among the measures introduced. Customers in good standing who have been impacted by the pandemic can apply, with deferrals available for an indefinite period and no deadline to apply, according to the association.

Under the plan, payments are skipped for a period of time, and interest accrued is added to the mortgage’s outstanding balance. The additional interest is incorporated into future monthly payments when they resume, or upon renewal at the end of the mortgage’s term.

“Last week, our contact centres in Canada received close to 80,000 calls per day, with calls to our mortgage and loan teams up 500 per cent,” Scotiabank Chief Executive Officer Brian Porter said in a March 22 statement.

Toronto-Dominion is “receiving thousands of requests daily for mortgage deferrals, and have processed thousands already,” spokeswoman Julie Bellissimo said in an emailed statement. “We are moving quickly through applications so that we can help provide our customers some immediate financial relief.”
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