CMHC's underwriting rule reversal helped drive insurance volumes in Q1 - Mortgage Rates & Mortgage Broker News in Canada
CMHC's underwriting rule reversal helped drive insurance volumes in Q1 - Mortgage Rates & Mortgage Broker News in Canada
Abstract
Canada Mortgage and Housing Corporation reported a year-over-year increase in default-mortgage insurance in-force. The crown corporation suggested the increase was driven by its decision last year to reverse stricter underwriting guidelines it had introduced in 2020. In July 2021, CMHC reverted its Gross/Total Debt Servicing (GDS/TDS) ratios to 39/44 (from 35/42) and lowered the minimum credit score for at least one borrower. CMHC also lowered theminimum credit score to 600 to 600.
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Canada’s national housing agency said its mortgage insurance volumes are up on an annual basis thanks in part to its reversal of stricter underwriting guidelines introduced in 2020. In its first-quarter report, the Canada Mortgage and Housing Corporation reported a year-over-year increase in default-mortgage insurance in-force, which was up over 8,000 units to 56,277, or $12 billion. The crown corporation suggested the increase was driven by its decision last year to reverse stricter underwri...
Canada’s national housing agency said its mortgage insurance volumes are up on an annual basis thanks in part to its reversal of stricter underwriting guidelines introduced in 2020. In its first-quarter report, the Canada Mortgage and Housing Corporation reported a year-over-year increase in default-mortgage insurance in-force, which was up over 8,000 units to 56,277, or $12 billion. The crown corporation suggested the increase was driven by its decision last year to reverse stricter underwri...
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Staircase launched a tool that fully automates the non-delegated underwriting process by pulling documents and data directly from lenders.
The post Staircase debuts tool to automate non-delegated mortgage insurance underwriting appeared first on HousingWire.
Staircase launched a tool that fully automates the non-delegated underwriting process by pulling documents and data directly from lenders.
The post Staircase debuts tool to automate non-delegated mortgage insurance underwriting appeared first on HousingWire.
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