Mortgage Deferrals Are Ending – What’s Next for Lenders?
The COVID-19 pandemic has impacted businesses and households across the country. However, the government and financial institutions implemented temporary relief measures that kept businesses and families moving forward during this challenging time.
Lenders offered deferrals, for up to 6 months, to many borrowers across Canada.
However, the deferral period is coming to an end for most customers. This is a challenging time for lenders – they need to have strategies in place to help their customers resume payments and reduce the percentage of defaults.
This may seem like a monstrous task, but it may not be as challenging as you think.
You may already have the tools and resources you need, including property valuation technology like the Purview AVM.
Some of the strategies you can look into include forming a deferral team, leveraging your tools together, relying on your industry partnerships, and being prepared to pivot on short notice.
Learn more about these strategies and how you can quickly validate key information to support your mortgage review processes on the Purview blog: https://www.purview.ca/what-mortgage-deferrals-mean-to-lenders/