As a reminder, mortgage insurance premiums are set to increase by 15% on June 1st for LTVs greater than 90%. The change applies to both CMHC and Genworth and impacts only owner-occupied purchases of one- or two-unit properties.
To manage turnaround times on these deals, we will apply existing premiums to deals received by end of day on Wednesday, May 27, 2015; following that, new premiums will apply.
Please contact your BDM with any questions. Read the original news release from CMHC here.