Possible tightening up of mortgage insurance requirements
Possible tightening up of requirements for mortgage insurers could be on the cards according to the Office of Superintentant of Financial Institutions in their draft advisory realeased on Friday for public consultation.
In it they are recommending that mortgage insurers incoporate more risk attributes when deciding how much money to set aside to cover the loan, including the borrowers credit score, outstanding loan balance, and the term remaining on the mortgage to pay the loan off in full.
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