CMHC Mortgage Deferral ConsultationJune 24, 2020
This Monday, CCUA participated in a consultation with CMHC regarding next steps and policy recommendations to address mortgage deferrals related to Covid-19. To inform our discussion, we surveyed credit unions to understand their views on existing CMHC default management tools, and their recommendations to improve and expand them. A summary report (‘Credit Union Report’) of the survey results is available here.
The consultation was fruitful and resulted in several actionable items from CMHC:
- CMHC will be sharing the Credit Union Report with Canada’s other two mortgage loan insurers (MLIs) (Genworth Financial, Canada Guaranty) to ensure there is a broad understanding of credit union needs and perspectives amongst all MLIs. The three MLIs will be working together to create a unified ‘Mortgage Loan Deferral Playbook’ to support lenders during COVID.
- CMHC will provide a document to CCUA within the next two weeks, which we will disseminate to credit unions, addressing questions and concerns highlighted in the Credit Union Report.
- CMHC will organize a webinar for credit unions in early September to discuss mortgage deferrals and other default prevention tools.
CCUA will continue to work closely with CMHC over the coming months, acting as a strong and unified voice for the credit union system.