Scotia Bank

Scotiabank

Changes to Property Tax Administration

Dear Valued Partner,

Effective Nov 1, 2024, the Scotiabank Property Tax Administration will no longer be available and Scotiabank clients with new mortgage applications, including default insured mortgages, will be required to manage property tax payments directly with respective municipalities.

Scotiabank will continue to administer property taxes accordingly for clients with existing mortgages that are already set up for Property Tax Administration, with some exceptions. In applicable scenarios, clients currently receiving this service will no longer be eligible.

The table below sets out the changes that will occur to Scotiabank Property Tax Administration in various scenarios:

Please refer to the FAQs for support in your client conversations regarding this change including any questions pertaining to alternate options for paying property taxes.
FAQs can be found in the “Product Information” section under “Guidelines”.

For more information, you may contact your Broker Relationship Manager or Broker Lending Manager.

Scotiabank

We’re reaching out to inform you of an important update regarding Scotiabank’s rate exception policy, effective November 29, 2024.

Scotiabank will now require an official offer from a competing financial institution for any rate exception requests. The offer must include:

1. Be dated within 15 days.
2. Include the client’s name and subject property address.
3. Specify the rate being offered.
4. State the closing date.
5. Be provided on the financial institution’s letterhead (or in an official email from the institution).

Key Details to Note:

• Existing Applications with Rate Exceptions: These will not be impacted by the new requirements.
• New Rate Exceptions for Existing Applications: These must meet the updated criteria.
• Requests Before November 29, 2024: Will not require these additional steps.

Please ensure that all necessary documentation is submitted for any rate exception requests after November 29, 2024.

Scotiabank

Scotiabank’s policy on Rental Income has been enhanced to provide the following clarification:

Pipeline:

• Rental Income Verification for Existing Rentals:
• Applications initiated prior to December 3rd, 2024 may verify rental income with a form of eligible documentation other than copies of leases or CRA documentation without a supporting rationale.
• All other clarifications above are existing policy expectations and continue to apply to any application not yet funded.

Thank you

**All files must be completed minimum of 10 days prior to closing**