Genworth MI Canada Inc., which provides insurance to protect residential mortgage lenders, said Tuesday it expects new rules that toughened criteria for homeowners to qualify for mortgages will cause total new transactional insurance written in 2017 to fall by between 15 per cent and 25 per cent. Transactional insurance is the company’s core insurance product, protecting lenders from defaults when home buyers have a large mortgage relative to the value of their homes. Home buyers are required to have insurance when they do not have at least a 20 per cent down payment for a house. The federal government toughened the stress test rules for borrowers getting new mortgages, requiring people seeking fixed-rate mortgages to prove they could afford payments at a higher interest rate than their current mortgage rate requires. Genworth said its forecast of lower insurance volumes in 2017 reflects “expected changes to borrower home buying patterns, including the purchase of lower-priced properties and/or larger down payments” as a result of the tougher rules. Genworth is the largest of two private mortgage insurers in Canada, operating alongside federal Crown corporation Canada Mortgage and Housing Corp., which is Canada’s largest residential mortgage insurer. Genworth said it also expects a significant decline in the value of new “portfolio” insurance written in Canada, which is bulk insurance provided to lenders for mortgages that are not already insured under the 20-per-cent down payment rules. However, Genworth said the impact of declining new mortgage insurance premiums caused by the new rules will be offset by a premium rate increase it introduced in March to offset new higher capital requirements introduced by the Office of the Superintendent of Financial Institutions. Genworth said the premiums it earns over the next 12 to 18 months will also benefit from the relatively higher level of premiums on insurance it wrote between 2014 and 2016.

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