Mortgage Insurance Insights Newsletter
Introduction from Andy Charles
August 1, 2015 | Mortgage Insurance Insights Newsletter
Since our last issue, we were pleased to welcome two new lenders to our growing list of national partners and continue to deepen existing relationships by providing dedicated support to our customers. With each season comes change and, in recent weeks, our industry has continued to evolve with a variety of prudent mortgage underwriting protocols that reflect OSFI’s Guideline B-21.
Our organization adopts a balanced approach to supporting the Canadian housing market by promoting policies that encourage responsible homeownership and sustained strength in the housing industry, some of which include:
- The direction of cash backs as a source of down payment
- The implementation of maximum loan amounts under the Rental Advantage™ program
- Enhanced requirements for information used to verify the reasonability of self-employed income
- New mortgage loan documentation and retention requirements
Whether a lender, mortgage originator or insurer, we all share a vested interest in ensuring a sound and stable industry.
Regardless of the time of year, we are committed to delivering on our promise of responding to 90% of all applications within 90 minutes (and we’re proud to say we’ve been fulfilling this promise!). We’re open later during the week, available on Saturdays and our adjudication system continues to accept applications 22 hours a day. An experienced decision-maker is the first and last person you’ll speak with when calling our National Underwriting Centre, and across Canada our regional Sales and Underwriting teams work together to enhance your experience by providing personalized service, effective solutions and timely responses to your questions.
On behalf of the Canada Guaranty team, thank you for your continued support and the opportunity to earn your business every day. We wish you success and hope you enjoy some summer vacation. When you return, we’ll be standing by to support your business.
President and CEO
Canada Guaranty Mortgage Insurance Company