TORONTO, Feb. 28, 2014 /CNW/ - Effective May 1, 2014, Genworth Canada will increase its mortgage insurance premium rates by an average of 15 per cent.
"We believe this new pricing is prudent and more reflective of increased regulatory capital requirements," said Brian Hurley, Chairman and CEO of Genworth Canada. "These pricing actions are supportive of the long-term safety and stability of the Canadian housing market."
The new premium rates for standard owner-occupied purchase applications submitted on or after May 1, 2014 are as follows:
| Loan-to-Value Ratio | Standard Premium (Current) |
Standard Premium (Effective May 1, 2014) |
||||
| Up to and including 65% | 0.50% | 0.60% | ||||
| Up to and including 75% | 0.65% | 0.75% | ||||
| Up to and including 80% | 1.00% | 1.25% | ||||
| Up to and including 85% | 1.75% | 1.80% | ||||
| Up to and including 90% | 2.00% | 2.40% | ||||
| Up to and including 95% | 2.75% | 3.15% | ||||
Genworth Canada will be working with its customer base to ensure a smooth implementation.
About Genworth Canada
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For almost two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2013, Genworth Canada, had $5.6 billion total assets and $3.0 billion shareholders' equity. Find out more at www.genworth.ca.
SOURCE: Genworth Canada
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Lisa Azzuolo, Director, Communications
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