FHA is between a rock and a hard place as it struggles to recoup losses that have depleted the reserve fund used for
paying mortgage insurance claims on defaulted FHA loans.
The federal government launched formal consultations last week regarding «lender risk sharing,» a policy that could see lenders shoulder more of that risk, for instance via a deductible
on mortgage insurance claims.
In October 2014, the MIs implemented new master policies that provide assurances about the consistent handling and payment
of mortgage insurance claims and bring greater transparency and clarity to contractual protections for lenders and investors.
FHA is struggling with diminishing cash reserves used to
pay mortgage insurance claims on defaulted and foreclosed FHA loans, and maintaining affordable home loan programs.
During a speech in Calgary, CMHC president and CEO Evan Siddall said the option of requiring lenders to pay a deductible
on mortgage insurance claims is still on a table.
In October 2014, the mortgage insurers implemented new master policies that provide assurances about the consistent handling and payment
of mortgage insurance claims and bring greater transparency and clarity to contractual protections for lenders and investors.
The idea of having banks pay a deductible on
mortgage insurance claims was first floated by CMHC under the previous Conservative government.
We have recovered millions of dollars from insurance companies which have denied
mortgage insurance claims, only to have them reversed; thus turning your denied mortgage insurance claim into an approved claim.
The result is that
your mortgage insurance claim gets denied and you run the risk losing your home.
Whether your fibromyalgia was brought on or exacerbated by a car accident, slip and fall, or has resulted in a denied long term disability claim, short term disability claim or
mortgage insurance claim; our personal injury law firm is here to help.