Information Required from Lawyers for Wire Transfer of Mortgage Payout/Discharge

Note: the following lenders either do not support or do not have broad-based support for wires currently: TD, CIBC, BMO, Manulife. For information about the availability of wires at a lender not listed here, please contact cbarealproperty@cba.org at the Canadian Bar Association.

Banks

CIBC

Information Requirements

The primary method for mortgage payout funds is by cheque, deposited at a CIBC banking center 

Details should include:

• CIBC Mortgage number (7 or 8 digit mortgage number)
• Clients’ name
• Purpose of funds

Notes

Wire payments are currently considered an exception process.  If there is an issue with providing a cheque, a call can be made to our contact center for assistance.

Equitable Bank

Information Requirements

Wire Transfer Information:

Beneficiary Name: Equitable Bank
Beneficiary Address: 700 – 30 St. Clair Avenue West, Toronto ON, M4V 3A1
Name of Bank: TD Canada Trust
Bank Address: 2 St. Clair Avenue East, Toronto ON, M4T 2V4
Bank Number: 004
Transit Number: 19682
Designation Number: 0617
Account Number: 0478864
SWIFT CODE: TDOMCATTTOR

Notes

Payments may be received by wire transfer from you/your firm, not later than 2:00PM on the payout date, otherwise additional per diem will be charged to the next banking day.

Upon completion of the wire transfer, please advise us via email to discharges@eqbank.ca, along with the following details:

• Loan Number
• Amount of Payment
• Date of Payment
• Letter of Direction

Home Bank

Information Requirements

All information, as outlined below, is required to ensure timely processing of funds. Any missing information may result in processing delays and additional per diem interest charges.

Wire Instructions:

Beneficiary Name: Home Trust Company 
Beneficiary Address: 145 King Street West, Suite 2300 Toronto, ON, M5H 1J8 
Beneficiary Bank Name: Bank of Montreal 
Beneficiary Bank ID: 0001 
Beneficiary Bank Transit: 00332 
Beneficiary Bank Account: 00330000070 (for wires) | 0000070 (for EFTs) 
Beneficiary Bank Address: 31 King Street St. Catharines, ON, L2R 6W7 
Beneficiary Bank Swift BIC: BOFMCAM2 
Purpose of Wire (field 1): Home Trust Loan Number 

Upon completion, please email the Home Trust Company representative you are currently working and copy appropriate team as below: 

• Discharges: MortgageDischargeRequest@hometrust.ca for mortgage payouts. 
• Funding: htcfunding@hometrust.ca for return of disbursements funds. 

Including the following information: 

• Loan number 
• Name of Customer(s) 
• Solicitor Name 

If the wire confirmation email is not received within 72 hours, the wire will be returned 

National Bank

Information Requirements

The mandatory information needed from the real estate lawyers is the following:

• Full name (name and surname) of each owner, as mentioned on the mortgage deed
• Complete address of the property that is the subject of the payout/discharge
• Cadastral number (Quebec) or parcel number (Out-of-Quebec)

If possible, add the birth dates and the main address, if different from the address of the property to payout/discharge. 

Notes

The mortgage payouts process is decentralized for the National Bank. It is therefore not possible to make a refund by wire transfer.

The payout requests and the funds must be sent to the NBC branch/transit* related to the mortgage and the discharge request must be sent to CTPH.discharges@nbc.ca and this even when there is no balance left to reimburse (debt fully reimbursed). 

If the NBC branch transit is unknown, the lawyer can verify the info by e-mail:  legal.expertise@nbc.ca or by phone: 1-888-849-1422.

RBC

Information Requirements

Beneficiary Name: TOR MORTGAGE OPS CENTRE
Beneficiary Account  991-871-5 
Beneficiary Address:  10 York Mills Road, 3rd Floor, Toronto Ontario M2P 0A2
Beneficiary Bank Name:  Royal Bank of Canada
Beneficiary Bank Address: 180 Wellington Street West, Toronto, Ontario, Canada M5J 1J1
Telephone #: 1-800-974-1163 
Beneficiary Bank Swift BIC: ROYCCAT2 
Beneficiary Bank Branch/Transit: 04522  
Beneficiary Bank Code: 003
Clearing Code:  000304522
Payment Method: Notify & Pay
Details of Payments: (Client Name) & (Provide Mortgage /HLP Number)
SRF/RBC Client Number 
Payout Statement Issue Date 
Property Address 
Total Amount Due for Payout 

Notes

Note that RBC provides a template (not attached) to the legal community with data and documentation required (requirements same as here listed) for a payout / wired funds.

Scotiabank

Information Requirements

Payment by Wire Transfer

• Scotiabank will accept mortgage payout funds via wire transfer originating domestically within Canada. Below is the routing information to make a mortgage payout to Scotiabank by wire.
• Please note that each financial institution will have their own requirements (including daily cut off times) and costs related to issuing a wire payment and we recommend you contact your financial institution to find out their requirements. 
• If the payout statement is issued to you by a Scotiabank branch or by Scotia Mortgage Authority (SMA), the payout funds must be submitted as set out in that payout statement and payment cannot be made by debit to a trust account or by wire transfer at this time.
• If you have any questions regarding this communication or require additional information, please contact our Support Desk toll-free, at 1-800-567-1331

Routing Details:

To ensure a mortgage payout by wire transfer can be processed, you must include the following information with each wire payment:

• The wire payment must be payable to The Bank of Nova Scotia and not to the mortgagor(s).
• The mortgage account number must be clearly identified.
• “Mortgage Payout” and the civic address for the mortgage secured property must be noted as additional details on the wire transfer.

Scotiabank will not be responsible for any delays in processing a mortgage payout by wire transfer if you do not include the above information.

Notes

Note this wire process has still not been approved as a “permanent” payment method, so is subject to change.