Lord Vader

Don't forget to bring a stool sample for the manager.

dbd33

I believe it. I've been required to provide urine samples in order to gain employment on short term contracts, I don't see that granting someone a mortgage is less of a gesture of faith in someone than employing them for three months. I suppose the act of peeing is somewhat distasteful but the real concern here is the ability of the insurance company to impose its standards on the public. As noted above, it's usual for people in Canada to test positive for "illegal" but socially accepted drugs, a move to make it difficult to get a mortgage if you're stoned would be problematic for Canadians.

Butch Cassidy

Libel, hun, libel

(and yes I am being pedantic this morning)

geedee

Sorry BC... you're quite right. It would be libel, not slander.

justkidding

These tests have nothing do do with the actual financing of a mortgage.

This insurance is "Mortgage Life Insurance". It is for insurance on your loan not for approval of financing!

justkidding

Here is the section of the article:


It has become a first for Canadians and the implications can be astronomical, a massively large insurance firm; The CUMIS Group Limited Insurance who have been partnered along with thousands of 'credit unions' across North America for insurance requirements, has now accepted a policy of pre-screening drug tests & hair samples for the right to obtain home loan insurance, a necessity, if you’re going to purchase a home in Canada.

Also, I disagree with the statement "home loan insurance, a necessity". You are better off taking a separate life insurance policy out rather than home loan insurance.

dbd33

Depending on the amount of the loan that may not be an option. If the lender, or the law, requires the insurance then the insurer does control the granting of the loan and so the urine sample would be required in order to get a mortgage.

Auld Yin

I do not believe that a lender in Canada can/would condition mortgage life insurance as a requirement of being approved for a mortgage. If a potential borrower wishes to purchase such life insurance the insurer can/may require a medical examination which could well include urine sampling. The Mortgage Life Insurance Application Form consists of a series of health questions. Answers denoting health problems, past or present, would determine approval/denial or the need for a medical exam. Dishonest answers would negate any claim at time of death.
"Bank" type mortgage life insurance is expensive and, IMO, not recommended. Buying it from other sources is much more prudent.

justkidding

Auld Yin, I totally agree. I think you have got it exactly right.

mandymoochops

hahaha the title of this made me laugh. I could imagine working back at the bank - newly qualified as a lender, ooooh look my 9 o clock appointment is here.

"Good morning Mr and Mrs Table () I see you are here to talk to me about the possibility of a mortgage."

"Yes" they say beaming "Yes we are"

"oh good, before we start then heres a jar for you each, just quickly pee in there for me each of you theres a poppet, and to save time whilst you're doing that i'll hack some of your hair off ok"

Shouts "Hellooooo? Hellllloooooooo? - you seem to have left all of your belongings on my desk in your haste to get out? I'll give you a follow up call later shall I....................

calgarylady

O.M.G , What !!!!!!!!!!!!!!!!!!!!!!!!!

johnh009

Maybe you can get a discount if you bank a sperm sample with them?

johnh009

This opens up a whole can of worms. For example, are overweight people to be considered a health risk? In this case, most of the porkies in North America would never get a loan or insurance. According to the medical profession, people who drink more than 2 beers a day have a health risk. In the small town where I live, this would eliminate 90% of the population. Or people who smoke, etc....