Mortgage Default Insurance

Mortgage Default Insurance

Mortgage insurance, which is sometimes called mortgage default insurance, is a credit risk management tool that protects mortgage lenders from losses on mortgage loans. If a borrower defaults on a mortgage, and the proceeds from the foreclosure of the property are insufficient to cover the resulting loss, the lender will submit a claim to the mortgage insurer to recover its losses.

Canada’s 3 Mortgage Insurers

CMHC

Canada Mortgage and Housing Corporation (CMHC) is Canada’s national housing agency. We are committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. CMHC works to enhance Canada’s housing finance options, assist Canadians who cannot afford housing in the private market, improve building standards and housing construction, and provide policymakers with the information and analysis they need to sustain a vibrant housing market in Canada.

www.cmhc-schl.gc.ca

CMHC

Genworth Financial Canada, The Homeownership Company, is the leading private sector supplier of mortgage default insurance in Canada. Genworth works with lenders, mortgage brokers, real estate agents and builders to make homeownership more accessible throughout Canada. The company combines global experience in mortgage insurance with technological and service leadership to deliver innovation to the mortgage marketplace.

www.genworth.ca

Canada Guaranty

On April 16, 2010, a Canadian private investor group, comprised of the Ontario Teachers’ Pension Plan and National Mortgage Guaranty Holdings Inc., acquired AIG United Guaranty Mortgage Insurance Company Canada. This transaction created the only Canadian-owned private mortgage insurance company, known as Canada Guaranty Mortgage Insurance Company (“Canada Guaranty”).

www.canadaguaranty.ca

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