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CMLS Financial Ltd. / COVID-19 Update
Updated April 8, 2020

For those impacted by COVID-19

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

We are currently looking at individualized solutions which may include holding a mortgage payment for 30 days up to 6 months of deferred payments.  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.  We ask that you are patient with our agents during this difficult time.  We are working hard to making this a swift and accurate process and wanting to take the time to be able to answer all your questions. 

How can I stay up to date on what CMLS is doing for their customers?
We know how important it is that you receive timely information and we will keep our FAQ document as up to date as possible in the following days.

My company has laid me off for 30 days, can you stop my mortgage payments until I’m back at work?
We are currently looking at individualized solutions which may include holding a mortgage payment for 30 days up to 6 months of deferred payments. It’s important to know any payments that are deferred are added to the outstanding balance and will accrue interest. Your regular payments will increase at the end of the deferral period to reflect the increased mortgage balance. 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. We ask that you are patient with our agents during this difficult time. We are working hard to making this a swift and accurate process and wanting to take the time to be able to answer all of your questions.

I read online that other Lenders have stopped mortgage payments for 6 months, is CMLS going to do that?
We are committed to supporting our CMLS Residential Borrowers during this time, each customer situation is unique, and the solution must be unique. To explore all your options please contact us directly.

I own a rental property and the mortgage is with you, the tenant can’t pay the rent because they have been laid off, what can I do?
There are many options available, please call us directly so we can discuss the situation and come to an appropriate solution.

I raised my mortgage payments last year and now my hours at work have been reduced, can I put the mortgage payments back to what they were?
Many of our mortgages will allow payments to be reduced back to the original contract amount. If your mortgage does not allow this option, there are many other ways we can help. Please contact us to discuss all the available options.

Our mortgage payment is supposed to come out when my partner gets paid but they are now laid off, can I change the date of the mortgage payment to the same day I get paid?
Yes you can. Scheduled mortgage payments move into a “pending status” three days from the date of posting. If your next payment is less than 5 days away contact via us phone. If the next mortgage payment is more than 5 days away, please send us an email via the Customer Portal, all emails will be responded to within 4-5 business days.

I’m making extra payments on my mortgage every time a payment comes out, we can’t afford it right now, can I stop those extra payments?
Yes you can. Pre-payments are completely flexible and can be stopped at any time. Scheduled mortgage payments, including the Pre-Payment or Privilege Payment portion, move into Pending Status three days from the date of posting. If your next payment is less than 5 days away contact via us phone. If the next mortgage payment is more than 5 days away, please send us an email via the Customer Portal, all emails will be responded to within 4-5 business days.

How much will it cost me to put a temporary hold on my mortgage payment?
At this time for all customers impacted by COVID-19, CMLS will pay the transaction fee of $75.00 on your behalf.

Can I pay just the interest on my mortgage for the next six months?
Currently CMLS does not offer this option, however there are many other options available to make sure your mortgage remains in good standing, please contact us to discuss your unique situation.

Will deferring my mortgage payments impact my credit bureau score?
At this time CMLS Financial does not report mortgage activities to any of the credit reporting agencies; your credit bureau score will not be impacted if you request to defer your CMLS mortgage payment(s) under the current COVID-19 Pandemic relief program.

Why do I have to continue making my tax payments to CMLS when the municipality has suspended/deferred collection of property taxes due to COVID-19?
Although the municipality is currently deferring the property taxes, this is a deferral and not a forgiveness therefore the bill will be due at some point in the future; by continuing to collect your taxes we will be prepared to make the payment when needed and you will not be required to provide a lump sum payment to cover any potential shortfall.

Any potential deferral for your mortgage payments is for principal and interest only, any applicable tax or insurance payments are still required as part of the approved deferral program by all Insurer’s

If I defer my payment (s) will CMLS still help me when it’s time to renew my mortgage? How will deferring my payments impact me when it’s time to renew my mortgage?
During a deferral your loan is not considered in arrears and therefore, our renewal process remains unchanged.

If your mortgage is coming up for renewal during your deferment period the loan will be capitalized at renewal with the previous deferred amount, and then reissued a new deferral for the months remaining. For example, if you are given a 6 month deferral and your loan matures in 3 months, we will capitalize the first 3 months of deferral at the maturity date, renew the loan and continue the deferral for the 3 months remaining in the deferral period.

Residential Mortgages

For existing residential clients

Phone: 1.888.995.2657
Email: service@cmls.ca

Commercial Mortgages

General mortgage enquires

Phone: 1.866.426.2657
Email: info@cmls.ca

Media Inquiries

General media enquires

Email: media@cmls.ca

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Thank you for your interest. We look forward to getting in touch.