Occasionally, the very same mortgage regulations that protect lenders and borrowers can also drown us in an ocean of red tape.
Income proof is a great example. People with self-employed, bonus or commission income often need a Notice of Assessment (NOA). If they can’t provide one in a timely manner to satisfy a financing condition, they can risk losing the home they’ve fallen in love with.
“This is a big deal for mortgage brokers,” said Mitchell Demeter, founder of NOA Today Services Inc. “It is common for lenders to require these documents, and often clients have lost them.”
A key home-buying prerequisite
When most people go house-hunting they mainly consider the mortgage approval. Specific income documentation, like Notices of Assessment, rarely cross their minds. But they should be top of mind for their mortgage broker, and even their Realtor.
Industry professionals feel an obligation, as they rightly should, to see their clients’ home purchase go smoothly. So they must anticipate a client’s needs. This includes ensuring they have the proper documentation to close the sale, something that brokers and Realtors should confirm early on.
Getting access to NOAs is fairly easy, says Demeter, but getting that access takes time. “Clients can obtain NOAs themselves from the Canada Revenue Agency (CRA), but it can take one to two weeks. That can easily make the difference when it comes to getting the house you want in the allotted financing time,” he said.
NOA Today helps address that by securing government tax documents quickly. Mortgage brokers who register with NOA Today are verified by a representative, usually the same day. Once the process is complete, mortgage professionals can regularly order Notice of Assessment packages on behalf of their clients. This package will contain NOAs from the past three years as well as a current Statement of Account. And it is virtually always delivered within 24 hours.
A valuable business tool
Homebuyers rely on mortgage brokers to remove stress from the paperwork process. NOA Today secures NOAs within 24 hours most of the time. That allows clients to gain certainty from the lender sooner, rather than having to wait days or weeks for Revenue Canada to mail the documents.
Traditionally, many mortgage brokers have advised their clients to contact the CRA to get these documents. In today’s competitive housing market, an intermediary can save precious time, and often save a deal altogether. NOA Today’s service costs $39—one of the lowest such fees in the industry. A broker’s first order is $0.99 and each subsequent order earns an entry into monthly raffles for prizes like NHL tickets.