Mortgage Discharges via Wire Transfer
Since the start of the COVID pandemic, a continued source of frustration has been lender inflexibility in accepting wire transfers for mortgage discharges. As this situation has continued longer than anyone expected, mortgage lenders are now incorporating wire transfers into their processes. To help you out, we’ve put together this list of mortgage lenders and their specific requirements.
Last Updated November 5, 2020
Alterna
The instructions for Alterna Savings Members to send a wire transfer is to complete this form.
BMO
A wire transfer may be made to BMO’s centralized Lending Operations Support Centre or you can courier your cheque directly to the Lending Operations Support Centre.
For wire transfers the details are as follows:
Bank: 001
Transit: 37072
Account: 1001-608
All wire transfers must be accompanied with a confirmation email to discharge.escalations@bmo.com with full payout/discharge instructions.
For courier please send your cheque with full payout/discharge instructions to the following address:
BMO Bank of Montreal
865 Harrington Court
Burlington, ON L7N 3P3
Canada Life
Canada Life are accepting wire transfers to payoff mortgages during COVID-19. The wire transfer is to be issued to I.G. Investment Management Ltd with the mortgage number and client name as details. The wire details are:
Bank: Bank of Montreal (Main Branch)
Bank address: 335 Main Street, Winnipeg, MB R3C 1C2
Transit: 00037-001
Account: 0001-805
Credit: l.G. lnvestment Management Ltd
Address: 447 Portage Avenue, Winnipeg, MB RgC 3Hs
Swift Code: BOFMCAM2
CIBC
CIBC has put together a process to provide law firms the ability to wire transfer funds to CIBC Mortgages through any Canadian bank. When ready to send the funds, kindly refer to the following wire transfer instructions and include all the mandatory information:
SWIFT Code: CIBCCATT
Beneficiary bank: CIBC, Transit 08292
Beneficiary address: 33 Yonge Street, Suite 700, Toronto, ON M5E 1G4
Beneficiary information: CIBC Mortgages
Beneficiary account number: 08292/010/09-14509
Beneficiary name: SERVICING REMITTANCE MORTGAGE SERVICING CENTRE
Payment details*: include CIBC Mortgage number (7 or 8 digits), clients’ name, purpose of funds
*Note: Please use “message or comments” section to add the payment details
Optional information:
Beneficiary’s Full Address
Payment details: include (if enough space) property address, law firm information (contact name and phone number)
CMLS
For domestic wires the following information is required to send a wire transfer to CMLS:
Beneficiary: CMLS Financial Ltd.
Beneficiary Address: Suite 2110 – 1066 West Hastings St, Vancouver BC V6E 3X2
Bank: Royal Bank of Canada
Bank Address: 200 Bay St, Main Floor, Toronto ON M5J 2J5
SWIFT: ROYCCAT2
Bank Transit Number: 00002
Bank Account Number: 1208446
Clearing Code: //CC000300002
If the financial institution does not have a relationship with RBC, please contact CMLS for an international wire instruction.
For full details see this statement.
Equitable Bank
See the below information for wiring information and remit payout funds via wire from your law firm’s trust account to Equitable Bank. Please confirm via email when the payout funds have been remitted, along with the below information, letter of direction and wire details.
Loan #
Amount Sent
Date Funds Sent
For original document see this link.
Home Trust
Home Trust is requiring a response to the confirmation email upon successful completion of the wire transfer. Note: If the wire confirmation is not received within 72 hours, the wire will be returned. See below for the wire instructions:
Beneficiary Name: Home Trust Account
Beneficiary Address: 145 King Street West, suite 2300, TO, ON, M5H 1J8
Bank Name: Bank of Montreal
Bank Address: 31 King Street, St. Catharines, ON, L2R 6W7
Bank ID: 001
Branch: 00332
Account: 00100330000070
Swift Code: BOFMCAM2
In addition to the above wire instructions, when submitting the payment, Home Trust is requesting you provide the following additional details to your Financial Institution:
Loan Number
Name of Customer(s)
Include in wire instructions/purpose section “Payout/Discharge” as applicable
View the full instructions here.
Libro Credit Union
The below information is what is required to send funds via wire to Libro Credit Union.
Beneficiary Bank:
SWIFT BIC: CUCXCATTVAN, Routing #: 080912010
Central 1 Credit Union
1441 Creekside Drive
Vancouver, BC, Canada V6J 4S7
Beneficiary:
Account Name: 828-05282-13108663619
Owner Name: Libro Credit Union
Address: 217 York Street, 4th Floor, London, Ontario N6A 5P9
Read the full instructions from Libro here.
MCAP
MCAP, RMG and Eclipse are moving towards new requirements where they will only accept funds for payout of mortgages via Electronic Funds Transfer (EFT).
Beneficiary Name: MCAP SERVICE CORPORATION
Beneficiary Address: 200 King St. West Suite 400, Toronto, ON M5H 3T4
Bank: BANK OF MONTREAL
Bank Address: First Canadian Place, 100 King St. West, Toronto, ON M5X 1A1
Bank Account Information: MSC TRUST SOLICITOR ACCOUNT
Bank ID: 0001
Transit: 00022
Account: 1585-378
Swift ID: BOFMCAM2
After sending the EFT, an email must be send to Payoutfunds@MCAP.com with the following Homeowner details:
Name
Full address
Mortgage Number
Full Amount of payout funds
Attached file of supporting documentation or Letter of Direction
Meridian
Meridian requires the Meridian Member Name and Mortgage Number in the remittance details field 70 of the wire transfer. In addition, add $7 to the wire amount for the fee.
Beneficiary Bank: Meridian Credit Union
Bank Transit Number: 62022 (5 digits)
Bank Code: 0837 (4 digits)
Bank Address: 75 Corporate Park Drive, St. Catharines, Ontario, L2S 3W3
Beneficiary Account: 100998511011
Beneficiary Name: MCU Pending Mortgage Closing
Beneficiary Address: 75 Corporate Park Drive, St. Catharines, Ontario, L2S 3W3
Read the notice from Meridian.
RBC
Effective June 15 - to support COVID-19 physical distancing protocols, RBC’s Personal Mortgage and Homeline Plan Payout team is introducing a digital alternative to a cheque or draft.
Lawyers can now contact the Payout Statement Phone Team (1-800-974-1163) to send a wire payment instead of mailing/dropping-off a cheque or draft.
The process for lawyers:
The Payout Statement Phone team will provide lawyers with a password protected e-mail using Secure Webmail with:
Incoming wire instructions for Transit 08943 (excluding Quebec)
Payout and discharge instructions
The lawyer will need to reply via secured e-mail with the following documents:
Wire Confirmation
Payout Statement
Payout and discharge instructions (same letter that would normally accompany your cheque)
Form C (British Columbia only)
Read all the details in RBC’s announcement.
RFA Bank of Canada
RFA Bank of Canada is accepting final mortgage discharge payment funds through wire transfer.
Swift Code: TDOMCATTTOR
Beneficiary: RFA Bank of Canada
Beneficiary Address: 1 Yonge Street, Suite 2401, Toronto, ON M5E 1E5
Bank Code: 004 (TD Bank)
Account Number*: 10205413161
Transit Number*: 1020 Note: if 5 digit number is required, Transit Number is 10202
Address: TD Canada Trust, TD Centre Branch, 55 King St. West, Toronto, ON M5K 1A2
Comments/Details: Quote RFA Mortgage Reference # and Property Address
*Note: When creating wire transfer, if TD branch address required; use transit number #10202. State the full 12-digit account number of 102025413161 to ensure funds are deposited into RFA Bank’s account.
A confirmation email must be sent to customerservice@streetcapital.ca with the subject line stating the method of deposit, the value, date, RFA mortgage reference number, and purpose. For example:
Subject: Wire, $152,983.74; March 17, 2020; #1234567; Discharge
Read the notice from RFA Bank of Canada.
Scotiabank
Scotiabank will accept mortgage payout funds via wire transfer originating domestically within Canada. Below is the routing information to make a mortgage payout to Scotiabank by wire.
Please note that each financial institution will have their own requirements (including daily cut off times) and costs related to issuing a wire payment and it’s recommended to contact your financial institution to find out their requirements.
If the payout statement is issued to you by a Scotiabank branch or by Scotia Mortgage Authority (SMA), the payout funds must be submitted as set out in that payout statement and payment cannot be made by debit to a trust account or by wire transfer at this time.
If you have any questions regarding this communication or require additional information, please contact our Support Desk toll-free, at 1-800-567-1331
Routing Details:
To ensure a mortgage payout by wire transfer can be processed, you must include the following information with each wire payment:
The wire payment must be payable to The Bank of Nova Scotia and not to the mortgagor(s).
The mortgage account number must be clearly identified.
“Mortgage Payout” and the civic address for the mortgage secured property must be noted as additional details on the wire transfer.
Details required for transferring funds:
Beneficiary Bank Name: The Bank of Nova Scotia
SWIFT Code/BIC: NOSCCATT
Canadian Clearing Code: CC000224356
Beneficiary Bank Address: 10 Wright Blvd., Stratford, ON N4Z 1H3