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OSFI introduced Best Practices of a Mortgage Insurer

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More people are fond of getting mortgage because it serves as their best solution to solve financial needs and wants. Mortgage is considered as one of the most active and in demand industries in Canada. No doubt that mortgage is part of Canadian people’s lives.

 

Since most of people in Canada are aware of mortgage, for sure, most of them know how mortgage insurer’s works.  There are many people who are fond of getting mortgage from their trusted mortgage insurer. Working performance and attitude of a mortgage insurer also has a vital role when it comes on encouraging more people to get mortgage.

 

In response to this, OSFI proudly introduces the concept of Residential Mortgage Underwriting which is applicable for lenders. OSFI also suggested that lenders should know this for effective and favorable mortgage process. OSFI also promises that there will be also a mortgage underwriting suitable for mortgage insurer. Long wait of many mortgage insurers is finally over as OSFI released Federaly Regulated Mortgage Insurers and Residential Mortgage Insurance Underwriting for insurers. It is also called as RMIUP.

 

The underwriting policies include risk management policies, risk appetite and objectives of FRMI. It also contains more underwriting that mortgage insurers might find useful. It contains requirements of mortgage loans, loan parameters, service debt, insurance coverage, requirements for lenders, comprehensive descriptions of mortgage insurances and its coverage and many more.

 

It is highly recommended that mortgage insurer get these underwriting policies so that they will know all terms and regulations. It will also lead them to be efficient mortgage insurer.

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Posted in Bank of Canada

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