TORONTO, Sept. 13, 2013 /CNW/ - CMLS Financial, the newest entrant into the residential mortgage space, has received approval to issue CMHC insured residential mortgages. Along with conventional mortgages, CMLS Financial is now a full-service lender offering mortgage brokers and their customers two insurance companies: CMHC and Genworth Canada.
Effective immediately, CMLS Financial accepts switches of CMHC insured mortgages. CMLS Financial is currently working to complete the technology bridge that will allow brokers to submit CMHC purchases and re-finance mortgages. CMLS Financial will provide an update to their authorized broker affiliates when their system is fully "live" with CMHC.
"We're pleased to offer the broker community two insurers to manage our volumes," says Dan Putnam, SVP Business Development, Residential Mortgages. "Ever since CMLS Financial entered the residential mortgage industry, we have had unprecedented support from the broker community - so much so in fact that scores of homeowners all across Canada now have mortgages with us. Now as a residential CMHC lender, we can give our brokers even more options for their customers."
Mortgage default insurance is mandatory in Canada for high ratio mortgages with loan to values from 80% to 95%. The insurance enables consumers to purchase homes with a low down payment.
CMLS Financial offers a wide range of fixed and adjustable rate mortgages with flexible payment terms, competitive rates and prepayment privileges. Residential mortgages are available exclusively through affiliated mortgage brokers.
About CMLS Financial
CMLS Financial is one of Canada's largest independently owned mortgage lenders, with offices across the country. Founded in 1974, the company provides a wide range of residential mortgages, commercial mortgages, and institutional services. CMLS Financial originates over $2 billion of annual loan funding and manages a mortgage portfolio of more than $6 billion. Find out more about Canada's Mortgage Company™ at www.cmls.ca.
SOURCE: CMLS Financial
For further information:
Dan Putnam, Senior Vice President, Business Development, Residential Mortgages
Lynne Plante, Marketing Manager