Mortgage insurance to be underwritten less often by CMHC

mortgage insurance canada

This federal housing agency in Canada has made the announcements as added restrictions are made. Canada’s federal housing authority has now officially announced that it will be underwriting a smaller amount of mortgage insurance, as of this year, as the government has increased the restrictions that apply to the type of coverage that is available. This move is designed to help to maintain the current healthy level of the Canadian housing market. The Canada Mortgage and Housing Corporation (CMHC) first made this announcement on Monday. As was already reported by…

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Mortgage insurance availability tightens in Canada

life insurance industry canada

The country’s housing agency has now restricted access even further to help to ease the price dropping trend. The housing agency in Canada has now taken yet another step to tighten the mortgage insurance availability in the country in an effort to lower the risks that are associated with the striking drop in prices. From May 30 and onward, new regulations will be put into place regarding eligibility for the coverage. The Canada Mortgage & Housing Corporation (CMHC) has released a statement from Ottawa, the country’s capital, that showed that…

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Mortgage insurance risk advice offered by Canadian watchdog

Mortgage Insurance News

The financial regulator in Canada has come up with a guideline draft for mitigating insurers risks. Canada’s financial regulator has now come up with a draft for certain mortgage insurance company guidelines that could help to decrease the risk that is currently present within the housing market. Analysts have cautioned that it could make it slightly harder for borrowers to obtain a home loan. The guidelines were created by the Office of the Superintendent of Financial Institutions (OSFI), and they would apply to that country’s three major mortgage insurance companies:…

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Homeowners insurance settlement of $300 million to be paid by Chase

force placed insurance

Allegations over the force placed policies and the practices surrounding them have led to the payout. A federal judge recently signed off on a JPMorgan Chase settlement that will have the lender paying out a minimum of $300,000 to approximately 750,000 mortgage customers who had expensive homeowners insurance forced upon them. Force placed insurance is commonly applied to mortgage borrowers who let their coverage lapse, breaching their contract. When the required homeowners insurance is allowed to lapse by the mortgage borrower, or if they simply stop paying it, the lender…

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Insurance jobs change focus with improvements in U.S. housing market

housing market insurance jobs

The state of real estate across the country is causing brokers and agents to change gears. The insurance industry and the housing market are very closely related and individuals in insurance jobs, such as brokers and agents, must keep on top of the latest movements in that marketplace in order to ensure that they are spending their time and energy on the products that will be most beneficial to their customers and that will generate the greatest revenues at the same time. Good or bad, the sale of homes has…

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How to sleep at night after you choose your mortgage provider

Many people believe interest rate/closing costs will determine which mortgage provider is best for them…if it were only that easy. Today’s home buying process can be exciting as new listings require attention quickly, and negotiating offers can fill up a weekend schedule without notice.  Confidence in your Loan Officer and open communication can make a substantial difference in your ability to make decisions to keep the process moving forward. Reviews or client satisfaction surveys are fantastic resources to help understand all aspects of the process, some of which you may…

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Force placed insurance regulations to be altered in the United States

force placed insurance

The FHFA now intends to ban mortgage lenders from being able to receive payments. The Federal Housing Finance Agency (FHFA) is now working to ban mortgage companies from being able to receive lucrative payments in order to arrange for forced placed insurance on behalf of homeowners in certain situations, such as when an existing policy has been allowed to lapse or has gone unpaid, against the agreement of the loan. The U.S. housing regulator is working to stop this controversial payments practice from continuing. Government officials have revealed that force…

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