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haventree bankHaventree Bank recently launched an exciting new program that mixes financial innovation with an important cause: helping homeowners through tough economic times.

When homeowners lose their job or fall on hard circumstances, they often try to do everything in their power to keep their home — however, sometimes it is not enough. With Haventree Bank’s new program, though, homeowners have more time to get back on their feet.

The program is called NextJob, the first of its kind in Canada, according to The Globe and Mail. It offers homeowners the chance to defer mortgage payments for four-to-six months, but that is only the start. NextJob is innovative in that it is paired with initiatives aimed at helping homeowners recover — specifically, online job searching assistance and employment coaching.

“The average tenure of that customer increases when they go through NextJob,” said Wilfred Pande, Vice-President of Mortgage Servicing at Haventree, as reported in The Globe and Mail.

“It helps us [economically] by having the customer stay in their homes.”

Beyond increased word of mouth and referrals, there are other benefits for lenders. By helping a borrower through tough times as Haventree is doing, it could prevent the mortgage from showing up in the lender’s bad loan statistics, The Globe and Mail writes. This can sometimes lower a lender’s capital costs.

Innovative Mortgage Programs

While some lenders do offer to defer mortgage payments for a short term, often that only happens when a borrower approaches them — it is not an advertised program, as Haventree has done.

Some mortgage default insurers also offer the ability for borrowers to restructure their mortgages. For instance, Genworth Canada offers programs to help homeowners in niche situations, such as the New to Canada program, the Borrowed Down Payment program, and the Homebuyer 95 program.

What the Genworth and the Haventree Bank programs do differently is working beyond the financial details. By acknowledging the hardships and potential challenges clients might be facing, they are breaking down the stigma and presenting solutions to what can sometimes be overwhelming problems for borrowers.

The result is increased customer retention, positive referrals, and, in some cases, even lower costs.

Great job, Haventree Bank!

Learn more about NextJob here:

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