Canada Guaranty Mortgage Insurance Benefits

Archive for 2012

Canada Guaranty Supports Government Mortgage Rules Set by the Department of Finance

Product Guidelines to Reflect New Mortgage Insurance Parameters
Effective July 9, 2012


Consistent with the new mortgage insurance parameters announced by the Government of Canada on June 21, 2012, Canada Guaranty will be implementing the following guideline changes effective Monday, July 9, 2012.

  • Maximum Amortization Reduced to 25 years
    Mortgage loans greater than 80% loan-to-value (LTV) will be subject to a maximum amortization of 25 years (previously 30 years). 
     
  • Refinance Amount Reduced to Maximum 80% LTV
    Canada Guaranty’s Refinance Advantage™ will be reduced to maximum 80% LTV (previously 85% LTV). 
     
  • Maximum Qualifying Ratios Fixed at 39% GDS and 44% TDS – Where Applicable
    Further to the prudent practices already employed by Canada Guaranty, when qualifying applicants based on overall strength, a maximum gross debt service (GDS) ratio of 39% and total debt service (TDS) ratio of 44% will not be exceeded, where applicable.

    Based on credit score, the following maximum GDS and TDS ratios will apply:
    Credit Score <680 = 35% GDS / 42% TDS
    Credit Score >680 = 39% GDS / 44% TDS

  • High Ratio Mortgage Insurance Not Eligible for Properties with Purchase Price of $1 Million or Greater
    Mortgage loans greater than 80% LTV with a purchase price (or as-improved value for Purchase Advantage Plus™ improvement loans) of $1 million or higher will no longer be eligible for mortgage default insurance.

For more information about the new mortgage insurance parameters and exceptions that apply, please contact your dedicated Account Executive or speak with a member of our National Underwriting Team at 1.877.244.8422. To review the official Government of Canada release, issued on June 21, 2012, please click here.


Canada Guaranty Mortgage Insurance Company
1 Toronto Street, Suite 400, Toronto, ON  M5C 2V6
www.canadaguaranty.ca | 1.877.244.8422

Canada Guaranty Appoints Curtis Gergley-Garner as the New Chief Risk Officer

Andy Charles, President and Chief Executive Officer of Canada Guaranty Mortgage Insurance Company, is pleased to announce the appointment of Curtis Gergley-Garner as the new Chief Risk Officer.

Having held a variety of progressively senior positions at the Bank of Montreal, Mr. Gergley-Garner brings a wealth of risk management experience to the organization. His diverse background includes customer and risk analytics, capital and portfolio management, economic and regulatory capital allocation, and credit cards portfolio management, among others. Mr. Gergley-Garner most recently served as the Director of Risk Methodology and Analytics for Consumer Banking at BMO Financial Group. 

Please join us in welcoming Mr. Gergley-Garner to Canada Guaranty.

*To read Mr. Gergley-Garner’s complete biography, please click here.

Canada Guaranty Mortgage Insurance Now Available through Scotiabank


(Download to print PDF)
 

TORONTO (April 4, 2012) – Canada Guaranty announced today that its comprehensive suite of mortgage default insurance products is now available through Scotiabank. The companies’ shared commitment to delivering service excellence is demonstrated through a dedication to offering Canadian borrowers a variety of mortgage solutions that promote greater opportunities for successful homeownership.  

“Canada Guaranty is delighted to partner with Scotiabank and looks forward to supporting its multiple origination channels grow their business,” said Andy Charles, President and CEO of Canada Guaranty. “For Canada Guaranty, a 100% Canadian private mortgage insurer, this partnership represents a tremendous opportunity for significant growth within the marketplace.”

“We are pleased to introduce Canada Guaranty as our newest mortgage default insurer and a key partner to support our continued success and growth in the industry,” said John Webster, Head, Real Estate Secured Lending and Scotia Mortgage Authority, Scotiabank. “Canada Guaranty offers additional choice to our business teams by providing more solutions to support our customers’ diverse needs.”

To learn more about the products and services available through Canada Guaranty and Scotiabank, please visit their websites at: www.canadaguaranty.ca and www.scotiabank.com


About Canada Guaranty Mortgage Insurance Company

As the only 100% Canadian-owned private mortgage default insurer, Canada Guaranty Mortgage Insurance Company is backed by the leading financial strength of its ownership group, comprised of the Ontario Teachers’ Pension Plan and National Mortgage Guaranty Holdings Inc. Working with industry partners to promote greater access to sustainable homeownership, Canada Guaranty offers mortgage and lending professionals improved choice through service excellence and a comprehensive suite of mortgage default insurance solutions. With headquarters in Toronto and a growing team providing national coverage, Canada Guaranty remains committed to meeting the diverse needs of homebuyers across the country. For more information, please visit: www.canadaguaranty.ca

About Scotiabank

Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With more than 77,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $637 billion (as at January 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.



For more information or media inquiries, please contact:  

Andrew Charles
President & Chief Executive Officer
Canada Guaranty Mortgage Insurance Company
416.640.8931 | andrew.charles@canadaguaranty.ca   

Canada Guaranty mortgage insurance now available through ING DIRECT


(Download to print PDF)

TORONTO (January 30, 2012) – Canada Guaranty announced today that its full suite of mortgage insurance products is now available through ING DIRECT. Both Canada Guaranty and ING DIRECT are committed to ensuring Canadians benefit from greater access to affordable homeownership through a variety of mortgage insurance solutions.

“Canada Guaranty is focused on continued growth through the pursuit of quality partnerships and we are delighted to have the opportunity to work with ING DIRECT,” said Andy Charles, President and CEO of Canada Guaranty. “We look forward to supporting their commitment to helping more Canadian homebuyers ‘unmortgage’ their homes sooner.”

“ING DIRECT has always been dedicated to improving the mortgage experience for Canadians,” said Mark Kocaurek, Chief Lending Officer, ING DIRECT. “With solutions now available through Canada Guaranty it means we can continue to offer our clients increased choice and service for affordable home ownership.”

“Having access to regional Account Executives represents an important resource for our team,” added Kim Luxton, Director, Broker Sales at ING DIRECT. “Through the personalized support and essential training offered by Canada Guaranty, we continue to ensure our brokers and clients benefit from enhanced service and solutions.”

To learn more about the products and services available through Canada Guaranty, please contact your dedicated Account Executive or speak with a member of our National Underwriting Team at 1.877.244.8422.

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For more information, please contact:

Maria Pimenta 
Senior Vice-President, Sales & Marketing
Canada Guaranty Mortgage Insurance Company
416.640.8937 | maria.pimenta@canadaguaranty.ca

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