Opinion seems divided between incredulity and understanding among MortgageBrokerNews.ca readers after one broker’s deal was denied by a lender after disclosing his client’s pregnancy.
Opinion seems divided between incredulity and understanding among MortgageBrokerNews.ca readers after one broker’s deal was denied by a lender after disclosing his client’s pregnancy.
“I can understand a lender questioning the continuance of income which is based on a work visa only … how will mat Leave affect the visa status if she is not able to work?” Pamela Wyant of Dominion Lending Centres Northern Mortgage said in the comments section of MortgageBrokerNews.ca. “I think at the very least I would need to see something from the employer confirming that she does have work to return to and then something also from the government that confirms the Visa would not be jeopardized.”
The client in question – a four-year resident of Canada currently here on a work visa – applied for a mortgage with her partner, a Canadian resident, and was refused once the lender learned of the pregnancy, according to her broker Stephane Prevost.
While several readers applauded Prevost for coming forward, others argued it is the lender’s right to refuse the client.
(Continued)
#pb#
“For those siding with the lender, right on; credit is a priviledge for which you have to qualify, not a right,” one anonymous commenter said. “The applicant that is pregnant is currently a non-permanent resident … absolutely the lender has to evaluate the risk inherent in the situation and determine whether this fits within their risk tolerance.
“This is not about someone being pregnant - this is about risk.”
And when it comes to maintaining relationships with lenders, it’s better to disclose all the details, suggested a number of readers. Though they also suggested asking for an exception on special cases such as this one.
“At the end of the day brokers should be realistic and respectful of who's money is at risk but we also must be the public's champion with the lender, I never see anything wrong with asking for an exception even if there is only a slim chance of getting it,” Ron Butler of Verico Butler Mortgage said.
“Ask for an exception certainly & provide full supporting details so they are able to review it fairly," Pamela Wyant of Dominion Lending Centres Northern Mortgage Solutions added. “But my recommendation is: don't forget the disclosure if you wish to retain the lender relationship.”
Related:
Lender denies client because of pregnancy: Broker
“I can understand a lender questioning the continuance of income which is based on a work visa only … how will mat Leave affect the visa status if she is not able to work?” Pamela Wyant of Dominion Lending Centres Northern Mortgage said in the comments section of MortgageBrokerNews.ca. “I think at the very least I would need to see something from the employer confirming that she does have work to return to and then something also from the government that confirms the Visa would not be jeopardized.”
The client in question – a four-year resident of Canada currently here on a work visa – applied for a mortgage with her partner, a Canadian resident, and was refused once the lender learned of the pregnancy, according to her broker Stephane Prevost.
While several readers applauded Prevost for coming forward, others argued it is the lender’s right to refuse the client.
(Continued)
#pb#
“For those siding with the lender, right on; credit is a priviledge for which you have to qualify, not a right,” one anonymous commenter said. “The applicant that is pregnant is currently a non-permanent resident … absolutely the lender has to evaluate the risk inherent in the situation and determine whether this fits within their risk tolerance.
“This is not about someone being pregnant - this is about risk.”
And when it comes to maintaining relationships with lenders, it’s better to disclose all the details, suggested a number of readers. Though they also suggested asking for an exception on special cases such as this one.
“At the end of the day brokers should be realistic and respectful of who's money is at risk but we also must be the public's champion with the lender, I never see anything wrong with asking for an exception even if there is only a slim chance of getting it,” Ron Butler of Verico Butler Mortgage said.
“Ask for an exception certainly & provide full supporting details so they are able to review it fairly," Pamela Wyant of Dominion Lending Centres Northern Mortgage Solutions added. “But my recommendation is: don't forget the disclosure if you wish to retain the lender relationship.”
Related:
Lender denies client because of pregnancy: Broker
