Skip to content
English - Canada
Sign in
  • There are no suggestions because the search field is empty.

How do I perform a PAD account change?

PAD Account Change

Effective Date: January 26, 2024

1. Overview

  • A Borrower requests to change their bank account, through email or fax

    • at any time, then the $150 PAD Change Fee must be charged

    • during the Renewal process, the $150 PAD Change Fee is waived.

    • Special Case: If the Borrower wishes to switch from a personal account to a corporate account and the Corporation was not originally on the deal/PAD, the following documents are required:

      • Articles of Incorporation

      • Document with the Business Number (if the Business Number is not on the Articles)

      • Attestation of Beneficial Ownership Form filled in and signed

      • Share Registry

      • Signature Card from the Bank (showing authorization to sign on behalf of the corporation)

  • On the mortgage record, the service specialist creates a ticket in the General pipeline with a ticket type of PAD Account Change,

    • Updates the value, During renewal (Y/N) on the ticket create form.

    • If there is an open renewal deal, the ticket will be automatically associated to the deal.

2. Process Steps

Step 1: Preview the Renewal PAD Form in MA (?)

  • Review the form to ensure all details are accurate, use Content Editor for any changes.

  • Note: A separate PAD Agreement must be completed specifically for the renewal fee, if applicable.

Step 2: Verify Information & Send to Borrower

  • Confirm the form is correct.

  • Download the verified form.

  • Send it to the Borrower for completion.

Step 3: Collect Required Documents from Borrower

  • Borrower must return the filled-in PAD form along with a Void Cheque or Direct Deposit Form.

  • Ensure that the account details match on both documents.

Step 4: Save Documents to Documents record on the deal or contact should be the deal but will contact record also be associated?  

  • Go to mortgage, create document record on the mortgage record.

  • Upload and save the PAD Agreement and Void Cheque/Direct Deposit Form .

Step 5: Process PAD Change Fee (if applicable)

  • If the change occurs outside of renewal, add the PAD Change Fee in the PAC module in MA.

Step 6: Manager Review & Confirmation

  • Create a ticket in the approval pipeline, with a type of PAD approval, and the owner as your manager.

  • Confirm that:

    • The details match.

    • The PAD Change Fee has been set up in MA (if applicable).

  • Manager will review the document records and approve or not approve.

Step 7: Notify Accounting (MA or HubSpot)

  • If the change is made at renewal, add a note to the Closing Notes section in MA, indicating that the payment account has been updated.

  • If the change is made any other time during the term, create a ticket Category: Payment, Subcat: PAD Account Change. 

    • once ticket is created. create a note using the snippet, #PAD
    • update in MA
    • update excel sheet

Step 8: Handle Delayed Document Submissions

  • If the Borrower does not provide the signed PAD Agreement and/or Void Cheque on time, place the file on DNP (Do Not Process) and create a ticket in the General pipeline, category Payment Arrangement.

End of Process