CMHC and the flood impact on mortgage loan insurance

CMHC will consider applications for properties that were affected by the floods provided the lender discloses this information to CMHC, and where necessary, confirms that remedial action has been, or will be taken to address flood related damages.

CMHC has not introduced any new policies for underwriting mortgage financing applications for designated flood areas. CMHC assesses mortgage loan insurance applications submitted by the lender based on specific risk factors associated with the application.

by Adena Cheverie on August 27, 2013

Posted by: Sam