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Insurer News

 CMHC has now moved to reassure broker networks that new and controversial “risk fees” pose no threat to mortgage funding – that despite growing fears.

 

“We are reviewing the impact on our low-ratio portfolio insurance product provided to lenders,” writes Sylvie Crispo, VP of insurance product and business development at CMHC, in an email to broker network heads last Wednesday. “These new fees are not anticipated to have an impact on the availability or cost of mortgage funding nor the cost of buying a house.”

 

Effective January 1st, 2014, CMHC’s mortgage loan insurance activity will be subject to a risk fee of 3.25% of premiums written and payable to the federal government.

 

An additional fee of 10 basis points will be payable on new portfolio insurance.

In the email, Crispo notes that since January 1st, 2013, private mortgage insurers have already been required to pay a fee of 2.25% of premiums as compensation for “the protection provided by the Government of Canada
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