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Canada Life enters strategic mortgage partnership with nesto

Canada Life enters strategic mortgage partnership with nesto
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  • nesto
| Dec 4, 2023
Reviewed, Dec 4, 2023
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    PRESS RELEASE

    December 4th, 2023

    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.

    Questions & Answers – Canada Life and nesto partnership

    Starting January 1st 2024, Canada Life’s mortgage business moves to new mortgage partner nesto, Canada’s first digital mortgage finance company.

    Who is nesto?

    nesto is a Canadian mortgage lender that offers a full range of the most competitive mortgage products in Canada, supported by its in-house team of mortgage advisors. Investors Group Wealth Management, which has provided mortgage administration and client servicing on behalf of Canada Life for over 20 years, has also decided to form a long-term partnership with nesto.

    Why was nesto chosen?

    We chose nesto for a number of reasons, including their ability to offer you a contemporary experience, competitive pricing and product features. nesto stood out with their commitment to customer service which aligns well with Canada Life principles.

    What is nesto’s contact information?

    nesto will start servicing your mortgage on Jan. 1, 2024. Your contact will be 1-888-893-8383 or mortgage.service.centre@canadalife.com. You’ll continue to use the existing contact number.

    What are the benefits of being a nesto customer?

    nesto builds on your current experience with Canada Life and, over time, they’ll add new ways to manage your account online with easy-to-use, self serve options.

    Will my rate or mortgage change as a result of moving to nesto?

    No. For most customers, there’s no change to your existing mortgage. If you have a Lock and Roll variable rate mortgage, this option is being discontinued. nesto will contact you to discuss your options for converting your mortgage to a comparable product before June 2024.

    Can I still refinance, port or re-advance my mortgage?

    Yes. You continue to have the same contractual options as you do today. As of Jan. 1, 2024, nesto will be your primary contact for your existing mortgage.

    What will happen with my Canada Life mortgage at renewal?

    Your current mortgage with Canada Life remains in force until your contractual maturity date. At maturity, nesto will contact you with a personalized mortgage offer.

    Questions regarding your actual mortgage
    xx

    Until Dec. 31st, 2023 continue to work with Canada Life for mortgage customer support

    Phone: 1-888-893-8383Email: mortgage.service.centre@canadalife.com

    Questions regarding your mortgage renewal or refinances?

    Until Dec. 31st, 2023 continue to work with Canada Life for mortgage customer support

    Phone: 1-888-893-8383Email: mortgage.service.centre@canadalife.com

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