“The strength of CMHC’s portfolio is reflected in the overall arrears rate which was 0.35% as at September 30, 2015 while Claims Paid for the quarter totalled $76 million, a decrease of $38 million from the same period last year, as 2014 claims paid were high primarily due to the timing of payment processing,” CMHC said in a release. “The total number of loans in arrears decreased slightly (3.8%) compared to year-end 2014.”
The average credit score for CMHC insurance holders was 747 during the three-month period ending September 30. The average gross debt service ratio was 25.7%.
The average insured loan over that period was $251,262.
“CMHC conducts regular stress-testing of its mortgage loan insurance operation,” the insurer said in its media brief. “CMHC’s capital holdings create a buffer against potential losses, reducing Canadian taxpayers’ exposure to housing markets, and helping to ensure long term stability of the financial system.
“CMHC’s capital holdings as at 30 September 2015 are more than three times (345%) the minimum capital required by OSFI for mortgage insurers.”
CMHC reported a net income of $380 million.
In its quarterly briefing, CMHC promised to continue to facilitate access to housing and contribute to financial stability; manager their risks appropriately with due regard for loss; and provide industry data, knowledge and analysis.
MBN
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