PMI Mortgage Insurance Co. Canada has received approval from Canada Mortgage and Housing Corp. to participate in Canada’s mortgage-backed securities market.
“Approval into this program allows PMI Canada to offer another dimension of value to our lender customers,” stated Janet Martin, president and CEO of Toronto-based PMI Canada. “Through PMI Canada lenders can access the largest securitization program in the country.”
Receiving approval as a private mortgage insurer under the National Housing Act Mortgage-Backed Securities (NHA MBS) program means that PMI Canada’s lending partners are able to securitize PMI Canada-insured loans and effectively support capital and liquidity management activities through this capital markets tool.
PMI Canada will be included in the December list of Canada Mortgage Bonds — the largest mortgage-backed securities market in Canada.
“Admittance to the NHA MBS program allows lenders of all sizes to access capital at the same cost. This helps to increase competition within the marketplace while establishing a level playing field throughout the mortgage insurance industry,” said Martin. “Increased competition supports a stronger marketplace and more choice for Canadians seeking mortgage insurance.”
“As an independent player in the marketplace, PMI Canada is now even better equipped to help more Canadians realize the dream of homeownership sooner,” added Martin.
PMI Canada is a subsidiary of The PMI Group, Inc., based in Walnut Creek, Calif.