How has COVID 19 changed the Mortgage Approval Process?

In the past handful of weeks, lender policies and process have changed literally by the day to accommodate the ability to keep the real estate sector moving, all while keeping everyone safe and healthy.

Although many of us are quarantined and practicing ‘social distancing’ there are still families buying homes, renewing their mortgage or refinancing to take advantage of the amazing low mortgage rates.

‘Post COVID’: Home ownership in Canada will continue to represent the heart and soul of our country.

Owning a home can give us a sense of pride and freedom not experienced as a renter. Home ownership helps us to build equity as well as build strong, stable communities.

Our Government, lenders and insurers (CMHC, GE and Canada Guaranty) will continue to make home ownership in Canada a priority.

HOW has COVID 19 changed the way a mortgage is processed? 
It is ‘business as usual’ for us.
  • Many Mortgage Brokers across the world have adopted a ‘work from home’ / digital / online / paperless mentality.
    • Allowing us to work from anywhere, at any time.
    • Keeping the application process efficient, speedy and convenient.
    • Keeping the process simplified from pre-approval to possession date for our clients.
    • We have been paperless and working remotely for 2.5 years.
  • Many of our lender partners were already working from home PRIOR To COVID 19.
    • As a top producing Mortgage Broker we have made solid relationships with all of our lender partners.
    • We are often aligned with a ‘dedicated’ underwriter- with each lender.
    • This allows our transactions to move faster and smoother than you are traditionally used to dealing direct with the bank.
    • These dedicated underwriters are often situated to work from home and do not work Monday to Friday 9-5.
      • They work as much as needed to keep up with the mortgage requests coming in.

For the lenders that were not set up to work remotely – we have certainly seen them catch up quickly in the past 3-4 weeks.

What does this mean to the consumer? 

ALL good things from a long term – digital, convenience perspective.

Something many industries that have adopted a ‘work from home’ solution are carefully taking note of moving forward.

With the pandemic still upon us, many branches (banks) have been forced to reduce their hours and/or have reduced staff.

Some branches have had to close all together.

In addition – the banks have been inundated with hundreds of thousands of calls PER DAY in relation to deferral requests. There are simply not enough bodies to keep up with the impact of  incoming requests.

Nothing has changed in the Broker world. 

While many brick and mortar financial institutions are trying to figure out ways to keep their doors open-we are still working as many hours in a day that it takes to properly service every single request with zero delay.

Our lender partners have kept us up to speed with every policy change (relating to funding, new appraisal policy, lawyer signings etc)

We have helped hundreds/thousands of clients with their lender deferral requests and solidified some of the lowest mortgage rates we have ever seen for our clients.

If anything – this ‘social distancing’ effort has allowed us to fine tune our ‘digital’ process even further.

Mortgages. Simplified. 

Did your bank call you to lower your mortgage rate?

As your Mortgage Broker, we are Provincially legislated to ‘work in the consumers best interest’.

What does that really mean?

Our files are regularly audited to ensure we made the best decisions and provided the best advice for our clients.

Saving YOU money

When mortgages rates moved down to all time historical lows (almost a month ago now) we were in contact with all of our clients.

We ran scenarios to determine if it made sense to do a mid term renewal – locking into today’s ‘best rates’.

We were able to re-structure many of our clients mortgages early – allowing for a faster long term balance reduction.

Saving you money.

Experience Matters.

We are watching everything mortgage industry related daily and most times hourly.

We have seen economic influences move rates up and down over the years.  We know when to jump into action when big economic factors start affecting the ‘bottom line’ for our clients.

Rates are speculated to move down? We look to review options to lower interest and cost savings.

Rates are speculated to move up? We are here to lock rates in place for you before the increase.

Stay Tuned: I suspect in the next handful of months we will see Federal policy change to some degree relating to the mortgage approval guidelines currently in place.

I have spoken to clients, close friends, colleagues and other business owners that are grappling with the day to day of living through the COVID 19 crisis.

The ‘social distancing’, the quarantining- the isolation from our friends and family. So many ‘unknowns’ moving froward.

It is all making a big impact on every single person’s mental well being.

We all want to avoid the ‘glass half empty’ mentality -but it is not possible every day.

Our hearts go out to each and every person that has been negatively impacted by this pandemic.  

Although the next 18-24 months + is going to be challenging for every Canadian…we are all in this together.

None of us ‘know’ how things will shake out, how long this will last and the vast economic and financial burden it will put on our families moving forward.

We are here for you always.  If you need us to review your current mortgage, provide you the contact info to your lender for deferral request,  review options for your next term or simply be there to offer some guidance or advice.  306.933.3386 (

We (all) DO know the world WILL start turning again and we will (all) put one foot in front of the other again.

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Tammy Wandzura

Mortgage Broker AMP