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article imageCanada's private mortgage insurers keep self-employed programs

By Jeff Evans     May 5, 2014 in Business
Genworth Canada and Canada Guaranty, which are Canada's two private mortgage default insurance providers, have chosen to not follow CMHC's lead and maintain their current product line-up unchanged.
The news comes as the mortgage lending and real estate industries held their collective breath following last weeks announcement by CMHC that they would be discontinuing their self-employed and second home programs.
In the past, Canada's three mortgage insurers have often followed each other in policy direction as they did with the recent mortgage premium increase. This had led to concerns that when CMHC eliminated their programs that Genworth and and Canada Guaranty would do the same.
The self-employed mortgage program is a program that allows self-employed borrowers who cannot qualify for a mortgage by traditional means to obtain an insured mortgage, particularly in situations with less than 35 percent down-payment. The CMHC eliminated programs contributed less than 3 percent of their mortgage lending volume by units.
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