Canada Life enters strategic mortgage partnership with nesto

• Canada Life and nesto have entered into a strategic partnership to provide mortgage service and administration for Canada Life’s residential mortgage customers
• Starting in January 2024, nesto will begin servicing and administration of Canada Life’s residential mortgage portfolio
• Existing Canada Life mortgage customers will gain access to nesto’s award-winning customer service platform as part of a phased implementation plan in mid-2024

Winnipeg, Manitoba, December 4, 2023 – Canada Life today announced that it has entered into a strategic partnership with nesto, a leading Canadian digital mortgage company. As part of this partnership, the companies have reached an agreement to transfer the servicing and support of Canada Life’s existing portfolio of residential mortgages to nesto. This follows Canada Life’s decision in 2022 to withdraw from the residential mortgage market.

“We are very excited about nesto’s award winning customer service platform which was an important factor in our decision to choose nesto. We wanted to ensure that our mortgage customers have a best-in-class partner passionate about offering great service for one of their most important investments,” said Steve Fiorelli, SVP, Wealth Solutions, Canada Life. “With the move to nesto, our customers will receive a modern, digital customer experience and will also continue to receive wealth and insurance advice from their current advisor.”

This announcement is the beginning of an important relationship between the two firms. In addition to servicing the existing mortgages starting January 2024, nesto will also be responsible for Canada Life mortgages at maturity. Canada Life borrowers can expect to benefit from nesto’s competitive mortgage products, supported by its dedicated team of Mortgage Advisors.