Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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CMHC abandons mortgage loan insurance for condominium development.

Canada Mortgage and Housing Corporation announced that it is bringing in two changes in its mortgage insurance business. The Crown Corporation has been struggling in many fronts. While it is not exactly in a financial trouble but it has drawn critics from many areas. Some of them […]

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Canada Guaranty changes rental income formula

There are various ways how rental income can be included in debt service calculation. The major Canadian mortgage insurers generally adapt to two methods. Rental offset Rental income Rental offset: Rental offset calculation method takes care of the rental expense minus rental income before it gets added […]

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Best Practices for a Mortgage Insurer – Introduced by OSFI

Almost two years ago, OSFI introduced the idea of Residential Mortgage Underwriting for the lenders. It promised that there will be one for the insurer too. Now it has delivered on that promise. In its new B-21 guideline it has outlined the expectations for prudent residential mortgage […]

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Genworth Canada announces lower First Quarter income

Compared to the last quarter (Q4-2012) most of the number are in red for Genworth. While comparing to Q1-2012 – that shows some happy signs but that was a year ago. Now things are not looking bright except lower default claims. Some interesting notes from its Quarterly […]

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More Canadians are saving for higher down payments

Canadian home buyers, specially the first timers are getting smarter in ditching the mortgage insurance premium. Ironically, mortgage insurer Genworth, along with Canadian Association of Credit Counselling Services (CACCS) conducted a survey about financial wellbeing and preparedness of Canadians, that revealed that Canadian first time home buyers […]

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Protection of Residential Mortgage Insurance Act – Changes

Today Genworth reported that the new Canadian Protection of Residential Mortgage or Hypothecary Insurance Act (“PRMHIA”), which will come into force from January First, 2013 – will establish a legislative framework and will replace the current guarantee agreement with Government of Canada Genworth has. The new regulation […]

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Is CMHC helping the housing boom?

CMHC helps Canadian to afford a home by insuring their loans. Without mortgage insurers like CMHC or Genworth, a lot of Canadians will still be renting and saving their down payment. A great service – backed by Canadian Government – that helps us to realize our dream […]

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Some Nitty-Gritties of Mortgage Default Insurance

We already know that when you are going to buy a property using a mortgaged loan with less than 20% down payment, then you have to pay an insurance premium. We also know that these all default insurance is done just to get you the best (Prime) […]

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Remarks by OSFI staffs to the Senate Banking Committee – on CMHC

Patty Evanoff, a Senior bureaucrat from the Office of the Superintendent of Financial Institutions Canada (OSFI) appeared in front of Senate Banking Committee to explain certain sections of Bill C-38. The first explanation was that OSFI currently supervises three private mortgage insurers (Genworth, Canada Guarantee, PMI) and […]

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Regulation change coming

Since a number of experts are talking about overheated housing market and financial leveraging, do you think that a regulation is being cooked to cut amortization period further? Question remains – how far regulation can help in a free market economy? reasons: CBC report: TD Bank economist […]

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Interest rates and conventional wisdom – Changing landscape.

Conventional wisdom says that the total home price should not be more than 2.5 to 3 times of our gross annual income. Some are even stricter, not prepared to let that ratio move above 2.0 times the gross yearly earnings. In Canada, if you have lower than […]

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Genworth MI Canada is expected to report higher earning in Q2, 2011.

According to its preliminary second quarter 2011 results, announced by Genworth MI Canada, the company expects to report net income in the range of $81 million to $83 million for Q2, 2011. Comparing these results, with net income of $85 million, in the second quarter of 2010 […]

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