Payout and Discharge request Reference Guide

1 Payout and Discharge request Reference Guide for Residential real estate secured loans Reference Guide type of Mortgages/loans are going digital to sign up for TELUS Assyst Real Estate Discharge Management tool Deadline of November 1st information do you need to successfully complete your request using TELUS Assyst Real Estate Discharge Management tool to expect in this new process, when request is less than 5 business days 3 Confidential | What is going digital 4 Confidential | What type of mortgages or loans are going digital for Payout statement and Discharge request Fixed and Variable Rate Mortgages Smart Fixed Mortgages Residential and Small Business Homeowner ReadiLine Residential and Small Business Homeowner line of Credit Home equity Loan Plan Vacation Home Loan following types of mortgages, request via TELUS Assyst Real Estate Discharge Management tool Accepted via TELUS ARE *Last update.

2 Oct 5th, 2021 Conventional Mortgages Collateral Mortgages Teranet CMS will be registering discharges on behalf of Bank of Montreal in all provinces (except Quebec) going forward if the account has been paid off after Jun 17th, 2021 Requests will continue to be handled at the branch and are not going digital Not Accepted via TELUS ARE Please Note: some accounts may require your request to be redirected to a support team within the bank to continue to the process. You will be advised accordingly. Payout and Discharge request Reference Guide XAny Business / Commercial Mortgages XA BMO Mortgage replaced by a BMO mortgage OR Renewal OR Refinance OR Re advance XFarm Mortgages XOn-Reserve Mortgages XSubsidized Mortgages 5 Confidential | How to sign up 6 Confidential | Deadline of November 1 for TELUS Assyst Real Estate Discharge Management tool Payout and Discharge request Reference Guide We announced in June an easy and convenient way to request a Payout Statement and Discharge for retail home financing mortgages digitally, providing industry leading convenience and speed.

3 This service is provided by Telus Assyst Real Estate, free of charge**! Important effective November 1, 2021: We will require all requests for BMO Payout Statements and Discharge registrations to be processed through the Telus Assyst Real Estate (ARE) platform. All statement requests should be for a date no less than 5 business days in the future, in line with industry best practices.* How to get started: If you are already using TELUS Assyst Real Estate , this service will automatically be available as & when its available in your province. Start benefiting from it. Simply click the Discharge tab at the top of your file and the main Discharge page will be displayed.

4 If you are not yet using TELUS Assyst Real Estate , you need to enroll through Assyst Real Estate Enrollment at For any questions or help, please contact TELUS Assyst Real Estate at 1-877-418-7511. *Any statement requests for less than 5 business days will be treated as a strict exception. The exception requests for 4-5 business days can be processed directly within Telus ARE with limited risk to missing requested date. Any exceptions processed through the branch will be on a best efforts basis and the solicitor will be responsible for any delays if the Payout statement is not provided by the requested date.

5 **Note: In Quebec, there is no cost to enroll onto Telus Assyst Real Estate and the standard Discharge fees will apply *Last update: Oct 5th, 2021 7 Confidential | How to sign up for TELUS Assyst Real Estate Discharge Management tool Assyst Real Estate Enrolment Process of enrollment TELUS Assyst Real Estate Non-Members Notaries practicing in Quebec Please complete registration form available via link Lawyer/Notary and Legal Assistant outside of Quebec Please expect below process Identifying yourself Profile Information Service options Verify your identity Confirmation 1 2 3 4 5 The service will automatically be available same-day as it s available in your province TELUS Assyst Real Estate Members Please Note.

6 In order to sign-up for TELUS Assyst Real Estate, you must be in good legal standing in the province where you are licensed to practice. Payout and Discharge request Reference Guide Available now *Last update: Oct 5th, 2021 8 Confidential | Information required 9 Confidential | What information do you need to successfully complete your request using TELUS Assyst Real Estate Discharge Management tool First and Last Name, Civic address, Contact detail Account number requesting payoff for: Conventional Mortgage: 10-digit account number available on Annual Statement (located in top-right section) Collateral Mortgage.

7 11-digit account number available on Annual Statement (located in top-left section) or at the bottom of the account access cheques Address of property to be discharged, Registration number, Legal description, PIN/PID etc. available via Title / Lien Search Client s Consent/Acknowledgement for representation on their behalf The following client information pieces are mandatory in order to successfully complete the request Residential Mortgages / Loans Please Note: some accounts may require your request to be redirected to a support team within the bank to continue to the process. You will be advised accordingly Payout and Discharge request Reference Guide *Last update.

8 Oct 5th, 2021 10 Confidential | What to expect 11 Confidential | Process Steps to be followed If Property is outside of Quebec Process Steps to be followed If Property is in Quebec Submit request in Assyst Real Estate Discharge Management tool Receive Payout Statement in Assyst Real Estate Discharge Management tool Make Payment at the Bank of Montreal Branch Discharge request will be sent to Teranet Collateral Management Solutions Receive confirmation the Discharge has been registered with the Provincial Land Titles Office Submit request in Assyst Real Estate Discharge Management tool Receive Payout Statement

9 5 Calendar days before request date in Assyst Real Estate Discharge Management tool Make Payment at the Bank of Montreal Branch Receive Letter of Authorization to register Discharge in Assyst Real Estate Discharge Management tool Register Discharge with the Provincial Land Titles Office 1 2 3 4 5 Payout Statement will be available after minimum 3 business days (standard SLA 5 business days) from the submission date. (Submission date: Jun 1, Requested date: Jun 18, Payout statement earliest availability Jun 8) If the request is more than 20 business days out, it will be available 10 business days (except QC) prior to Payoff Date (Submission date: Jun 1, Requested date: Jul 30, Payout statement earliest availability Jul 19) Payout and Discharge request Reference Guide What to expect when submitting Payout and Discharge request in TELUS Assyst Real Estate Discharge Management tool 1 2 3 4 5 For inquiries: refer to the request in TELUS Assyst Real Estate for status updates.

10 For escalations: All provinces except Quebec: Quebec: *Last update: Oct 5th, 2021