Mortgage Annual Statements

Posted by Joyce Chan in Lending

After some research, I discovered that not too many customers are offered the ability to view their mortgage annual statements online.

Is there a reason why so few Lenders do not make this feature available as part of the customer’s online mortgage services?  Are there regulatory issues?

If you’re a customer that prefers to do everything online, does it  make a difference to you to be able to view your mortgage annual statement online or receive it via mail?

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2 Responses

  • I have been thinking about the costs associated with the issuing of paper-based annual statements as an industry as a whole. If all of the statements were done electronically, the Canadian Mortgage industry could save somewhere between $6 to $12 Million per year. This is based on my estimate of $1 to $2 to produce the statements and mail them for the 5.95 million outstanding mortgages in Canada as of 2010. This could be a material savings if lenders generated these electronically through their client portals.

    This 5.95 million households is based on the stats from “Annual State of the Residential Mortgage Market in Canada” dated November 2010 from CAAMP. (,

    This indicated that the average Canadian mortgage is $145,000 and the total value of all Canadian mortgages outstanding: $1.009 Trillion. This gives you a number of mortgages of about 5.95 million.

  • Cat Taylor says:

    Our mortgage company recently launched a customer portal which does allow for viewing of the annual mortgage statement online.

    This is the time of year servicing departments experience an increase in call volumes because customers are looking for copies of annual statements that haven’t arrived by mail yet. I would expect that with the annual statement now available online, the usual spike in call volumes will be lower than in years past.

    Many provincial Consumer Protection Acts require that annual statements be sent to borrowers who have credit that is subject to variations in the annual percentage rate. In Nova Scotia, annual statement are also required to be sent to bororwers with fixed rate credit products.

    And while it makes sense to have annual mortgage statements available online for ease of access to the customer, regulations are silent as to what format the annual statements must go out. Making the annual statement available online does not necessarily mean the lender has met its obligations.

    We will therefore continue issuing paper-based annual statements to all customers as this is the only way to ensure no one gets missed and all regulatory requirements are met.