Mortgage Marketing

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The new federal rules for the residential real estate exchange

The Canadian Ministry of Finance, the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Mortgage Housing Corporation (CMHC) on December 11, 2015 announce that the current Canadian regulations on government-backed mortgage insurances, equity funding for private mortgage loans and the increase in guarantees for CMHC-backed securitisation programmes are due to be amended shortly.....

For many years, banking and other state-regulated finance intermediaries (FRFIs) have been restricted from granting credit to value for certain categories of construction finance. Before 2008, the only rule amendment to the mortgage finance industry was to raise the maximal allowable loan-to-value for uninsured mortgage credit from 75 percent to 80 percent in 2007.

In recent years, however, the German authorities have strengthened the regulatory framework for retail mortgage loans in Canada by the FRFI in reaction to emerging market risk, inclusive: As of 2008, the German authorities have made several changes to the regulations for state-guaranteed covered mortgage loans covered by CMHC and mortgage insurance, among them shortened amortisation times, lower credit ceilings for funding, ceilings for maximal wholesale servicing and overall servicing ratio, and raises to the level of minimal payments demanded by home buyers.

June 2011 saw the adoption of the Protected Residential Mortgage or Hypothecary Act (PRMHIA), which entered into effect in January 2013. It is the declared objective of the PRMHIA scheme to promote the stable development of the Canadian residential construction financing markets by authorising the Minister of Treasury to grant cover for certain mortgage insurances of residential mortgage companies and to reduce the risk associated with such cover.

The OSFI monitors adherence to the PRMHIA regimes by mortgage insurance companies. The OSFI Directive B-20 "Residential Mortgage Undererwriting Practices and Procedures" (Directive B-20) entered into force in June 2012 and was amended accordingly in November 2014. The Guideline B-20 describes the regulator's expectation for careful subscription to retail mortgage loans and requires FRFIs to comply with an appropriate level of own funds regulation in order to adequately address the risk associated with subscription and/or purchase of retail mortgage loans.

The OSFI published a guidance document for OSFI-compliant mortgage providers in November 2014, Directive B-21 "Residential Mortgage Insurance Underwriting Practice and Procedures" (Directive B-21), valid from June 2015. Guidance B-21 expresses OSFI's expectation of solid private mortgage policy writing and stresses the importance of ensuring that supervisors review lenders' subscription policies and monitor lenders' adherence to policy conditions.

CMHC's securitisation protection programmes allow authorised MFIs to bundle suitable mortgage loans and transform them into negotiable instruments, thus providing an extra money supply for mortgage credit. In return for the guaranty, CMHC guaranty fee is paid by the issuer of securitised mortgage. CMHC in December 2014 announces an increased fee to be paid by the issuer under the National Housing Act Mortgage-Backed Security (NHA MBS) programme from April 2015.

On a semi-annual basis, the Bank of Canada issues a FSR summarising the Governing Council's views on the major weaknesses and threats to the soundness of the Canadian system. The Bank of Canada identifies two major weaknesses in the residential property markets in its 2014 and 2015 fiscal framework and will continue to oversee them: the first is the weakness of the residential property markets:

i) increased debt of households and ii) residential property disequilibria caused by increased re-sale and higher home price developments. In addition, the Bank of Canada in its December 2015 FSR identifies the risks that FrIs could overdraw mortgage loans and underinvestment in other production facilities as they can securitise mortgage loans cost-effectively under CMHC's securitisation programmes.

In light of these Bank of Canada misgivings and in combination with the prevailing regulator regime, the new regulations below mirror the German government's ongoing emphasis on ensuring that the residential mortgage markets can weather a sharp decline in residential construction. Taken together, these changes mirror the gradual convergence of the German government's approaches to promoting a more robust system of house building funding and promoting long-term stable residential markets.

It aims to achieve this by adapting the risk-bearing CRFIs that underwrite their credit and insurance operations, imposing a higher reserve of additional funds to cover more serious loss, and promoting robust riskmanagement measures to fight mortgage fraud. As a general provision of the Bank Act (Canada) and the Trust and Loan Companies Act, the FRFI may not grant mortgage credit with a loan-to-value ratios exceeding 80 per cent unless the credit is covered by CMHC or a mortgage insurance company licensed by the OSFI.

CMHC, which is subject to the National Housing Act, and OSFI-approved retail insurance companies, which are subject to the rules of the International Financial Reporting Authority (PRMHIA), are both entitled under these rules to cover credit (i) with a loan-to-value ratio of up to 95 per cent and ( ii) for real estate of less than C$ 1 million. In order for a FRFI to be able to take out a mortgage on a home worth more than C$1 million, the debtor must pay a deposit of 20%.

With effect from February 15, 2016, the Treasury Department informed that the deposit for new secured mortgage will be increased from five percent to ten percent for the share of the home value above C$ 500,000. Property up to C$500,000 requires a five percent deposit and property over C$1 million requires a 20 percent deposit, which remains the same.

However, the Ministry of Finance has declared that the new changes will not affect current construction financing. That means that the extension of these mortgage payments should not be affected either. The OSFI said it plans to upgrade the prudential minimum requirement for home mortgage and home loan credits backed by home ownership.

Expected changes will affect regulators' own funds requirement for deposit-taking banks using proprietary modelling, such as mortgage credit loss where OSFI proposes the introduction of a risk-sensitive floors associated with an increase in real estate and/or home price levels that are higher in relation to borrowers' income.

OSFI will also update the standardised regulatory framework for Canada's mortgage credit institutions, with OSFI requiring that regulatory mortgage credit institutions keep more funds when home values are high in relation to borrowers' income. In addition, the OSFI is also examining further recognition of mortgage insurer lump-sum payments with regard to concern about frauds in mortgage claims.

Following the 2015 charge hike, CMHC introduced new changes to the warranty charge it is charging to securitised mortgage originators for its NHA MBS securitisation programme. With effect from July 1, 2016, CMHC will raise the NHA MBS top level warranty rates. CMHC also raises the level at which top level levies are levied from C$6 billion to C$7.5 billion.

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