Category: Mortgage News

Homeowners as well as insurance agents need to keep up with today’s mortgage industry and the fast pace changes this industry.

Mortgage insurance no longer offered to condo developers by CMHC

H. Cutner
life insurance industry canada

The Canada Mortgage and Housing Corp. has announced that this coverage will no longer be available. A recent statement from the Canada Mortgage and Housing Corporation (CMHC) has revealed that the organization will no longer be providing mortgage insurance to condo developers in order to assist in financing new building construction. This doesn’t come as very much of a surprise to many in the insurance industry. The reason that many are simply shrugging their shoulders at the decision by the Crown corporation is that it hasn’t actually offered any of…

Read More

Mortgage insurance market moves toward private sector away from CMHC

H. Cutner
mortgage insurance canada

The Canadian Mortgage and Housing Corp. appears to be losing its grasp on this space. For many years, the Canada Mortgage and Housing Corporation (CMHC), a Crown corporation, has held a considerable dominance over the mortgage insurance market in the country, but that situation appears to be changing. Its rivals in the private sector are now taking a greater hold on the market and is scooping up a bigger share. During the first quarter of 2014, the CMHC provided mortgage insurance for 27,869 housing units for borrowers whose down payment…

Read More

Mortgage insurance to be underwritten less often by CMHC

G. Turner
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…

Read More

Mortgage insurance availability tightens in Canada

Julie Campbell
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…

Read More

Mortgage insurance risk advice offered by Canadian watchdog

H. Cutner
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:…

Read More