08:13:46 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Genworth MI Canada Inc
Symbol MIC
Shares Issued 86,291,079
Close 2020-07-13 C$ 32.50
Market Cap C$ 2,804,460,068
Recent Sedar Documents

FP says Genworth MI passes on adopting same CMHC rules

2020-07-13 09:29 ET - In the News

The Financial Post reports in its Saturday, July 11, edition that mortgage brokers are reporting their busiest months ever. The Post's Vanmala Subramaniam writes that mortgage renewal inquiries rose by 78 per cent and refinance inquiries rose by 182 per cent when rates first dropped in March. Mortgage rates crept up in April and May, but rates decreased again in June. Ratehub data showed renewal and refinance inquiries rising by 18 and 35 per cent. In light of the growth in mortgage credit, Canada Mortgage and Housing Corp. in early June announced changes to the eligibility rules for mortgage insurance. It lowered the amount of debt an applicant for an insured mortgage could carry and set a higher credit score (680) for someone to qualify for CMHC insurance. Genworth MI Canada declined to adopt the same rules, which CMHC director Reza Sabour believes will, over all, negate the CMHC's move on tightening requirements. He said: "I have not seen a dip in first-time homebuyer clients. Had other insurers followed suit, it would have been a much bigger story." Ratehub's James Laird warns against chasing quarter point differences in rates "because your mortgage payments are not that different."

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