TD Broker Services Update

Great News! Effective February 27th, 2023, TD no longer requires the “Bank to Pay” property tax option for new high ratio mortgages and the “Bank to Pay” property taxes feature will not be available for any new mortgages. All new customers will be required to make their own arrangements with their municipality for the payment of their property taxes. There is no impact to new or in-flight credit applications initiated before February 27th; these applications will continue to be processed business as usual (“Bank to Pay”).

The “Bank to Pay” option is also no longer a requirement for active high-ratio mortgages or mortgages with default insurance.

What you need to know:

• For applications stated before February 27th, if your customer wishes to remain on Bank to Pay, TD will honour this request.
• If you have an existing customer that requests to change from “Bank to Pay” to “Customer to pay”, please refer them to the branch.
• The following changes will be in effect from February 27th, 2023, onward:
  • For new applicants - Customers to pay their own property taxes VS. “Bank to Pay”
  • For existing customers - Customers can select to pay their own property taxes VS. “Bank to Pay” by going to their local branch to ask to naked the change.
  • For In-flight applications - applications initiated before February 27th, customers can request to convert to Customer to Pay in Branch after funding

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