MORTGAGE INSURANCE PREMIUM RATE CHANGES
EFFECTIVE MARCH 17, 2017Effective March 17, 2017 Genworth Canada and CMHC will implement increases to transactional mortgage loan insurance premiums for 1 – 4 unit owner-occupied properties.
Here’s what it means for insured mortgage applications
- Mortgage loan insurance applications for 1 – 4 unit owner-occupied properties submitted to XCEED on or after March 16, 2017 are subject to the revised premium schedule.
- To be eligible for the current premium rate table pricing, all broker applications for mortgage insurance must be submitted by 11:59 p.m. (ET) on March 15, 2017.
These changes were announced in January by CMHC and Genworth and widely reported by national media. We expect that broker partners will have explained the increased premiums to their clients who are affected.