CMHC is a Crown corporation of the Government of Canada. It is governed by a Board of Directors and is accountable to Parliament. Today its main function is to sell insurance to Canadian residential mortgage lenders to protect them against mortgage defaults. The cost of the insurance premiums is typically passed along to the borrower. Insurance is mandatory on loans with less than 20% down although lenders may require it on loans with more than 20% equity if they perceive additional risk of default
Genworth MI Canada Inc. 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 superior customer service, a robust risk management framework and innovative processing technology.
Canada Guaranty Mortgage Insurance Company (“Canada Guaranty”) is the only 100% Canadian-owned private mortgage insurance company. On April 16, 2010, a Canadian private investor group, comprised of the Ontario Teachers’ Pension Plan and National Mortgage Guaranty Holdings Inc., acquired AIG United Guaranty Mortgage Insurance Company Canada. This transaction was the beginning of Canada Guarantee.