Genworth MI Canada Inc. Announces Appointment of Rajinder Singh as a Director

The Board of Directors of Genworth MI Canada Inc. (the “Company“) (TSX: MIC) are pleased to announce today that Rajinder Singh has been appointed to the Board of Directors of the Company and its main operating subsidiary.  Mr. Singh has served as the Chief Risk Officer of Global Mortgage Insurance for Genworth Financial, Inc. since 2014 and has previously served in similar roles at CitiMortgage and GE Capital. Mr. Singh also serves as director on the boards of India Mortgage Guarantee Corporation and of Genworth Seguros de Credito a la Vivienda, Mexico.  Mr. Singh has his Master of Business Administration in Finance from the University of Rochester’s Simon Business School, a Master of Science in Mechanical and Aerospace Engineering from Rutgers University, and a Bachelor Technology in Mechanical Engineering from the Indian Institute of Technology Kanpur.

“We’re delighted to have Raj Singh as a new member of the Board. Raj’s expertise and depth of knowledge will be invaluable to our organization,” said Brian Hurley, Chairman of the Board of Genworth MI Canada Inc. “The Board of Directors and I are excited and look forward to working with him,” added Mr. Hurley.

The Board of Directors also announce the resignation of Leon Roday as a Director of the Company and of its main operating subsidiary. The Board of Directors wishes to thank Mr. Roday for his years of dedicated service to the business.

About Genworth MI Canada Inc. 

Genworth MI Canada Inc. (TSX: MIC) 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 customer service excellence, innovative processing technology and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31st, 2018, Genworth Canada had $6.9 billion total assets and $4.0 billion total shareholders’ equity. Find out more at

Contact Information:
Investors – Jonathan Pinto, 905-287-5482 or 
Media – Susan Carter, 905-287-5520 or

SOURCE Genworth MI Canada

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TD Bank raises 5 year posted mortgage rate, Royal Bank also upping rate

By Armina Ligaya


TORONTO _ Two of Canada’s biggest banks are raising their benchmark mortgage rates.

Royal Bank of Canada said Friday it plans to raise its posted rate for a five-year fixed-rate mortgage on Monday to 5.34 per cent compared with the 5.14 per cent currently posted.

The increase follows a move by Toronto-Dominion Bank on Wednesday to increase its posted rate for a five-year fixed mortgage to 5.59 per cent from 5.14 per cent, as well as its other fixed rates by between 10 and 15 basis points.

Royal Bank spokesman AJ Goodman said the bank considers various factors when changing mortgage rates “including our funding costs and market conditions.”

“Based on current conditions, our rates reflect the right balance between our clients’ expectations and our costs of funding mortgages,” he said in an email.

The increases come as government bond yields rise, with the yield on the Government of Canada benchmark five-year bond rising to 2.18 per cent on Wednesday. Fixed-rate mortgages tend to move with government bond yields of a similar term, reflecting the change in borrowing costs.

Mortgage planner and rate comparison website founder Robert McLister said the TD Bank increase is “unusual” as the benchmark posted rate for five-year fixed mortgages hasn’t seen a jump of 45 basis points or more since March 2010.

Funding costs for the banks have gone up, and banks may be trying to recapture some of its profitability, he said. “But that alone does not justify a 45 basis point hike,” McLister said.

TD spokeswoman Julie Bellissimo said factors considered when determining rates include  “competitive landscape, the cost of lending and managing risk.”

“Adjusting our rates is not a decision we take lightly…. Even with this change, lending rates remain competitive and at historically low levels,” she said in an email.

TD also increased its posted closed rates for two-year, three-year mortgage by 10 points each to 3.44 per cent and 3.59 per cent, respectively. TD increased its six-year and seven-year mortgages by 50 points each to 5.64 per cent and 5.8 per cent, respectively.

RBC will be increasing its posted rates for one-to-four year fixed mortgages by 15 basis points, to between 3.49 per cent to 5.04 per cent. Canada’s largest lender is also increasing its posted rates for its five-to-ten year fixed mortgages by 20 basis points, with the seven-year rate and 10-year rates increasing to 5.8 per cent and 6.6 per cent, respectively.

However, RBC said it will reduce its offered rate for a five-year variable closed mortgage to 3.3 per cent from 3.45 per cent on Monday.

TD cut its five-year variable closed rate offering for new and renewed mortgages earlier this month to 2.85 per cent which is 75 basis points less than its TD Mortgage Prime Rate.

Previously it was 2.95 per cent, or 65 basis points less than its TD Mortgage Prime Rate.

The rate changes were not universal across the Canadian banking sector.

Bank of Nova Scotia spokesman Lukas Gerber said Friday the lender has not increased its posted mortgage rates since January but  “cannot elaborate on pricing changes we might be considering.”

A CIBC spokesman also said there were no changes to its posted mortgage rates.

McLister said the actual rates banks offer to borrowers are not seeing the same increase, but notes the Bank of Canada uses the posted rates at the big banks to calculate the rate used in stress tests to determine whether homebuyers qualify for loans.

Homebuyers with less than 20 per cent down payment seeking an insured mortgage must qualify at the central bank’s benchmark five-year mortgage rate, which was posted at 5.14 per cent on Wednesday. And as of Jan. 1, homebuyers who don’t need mortgage insurance must prove they can make payments at a qualifying rate of the greater of two percentage points higher than the contractual mortgage rate or the central bank’s five-year benchmark rate.

Nearly half of all existing mortgages in Canada will need to be renewed this year, according to a CIBC Capital Markets report released earlier this month.

B.C.’s tight rental market has landlords asking personal questions: report

Some landlords in British are asking prospective tenants for too much personal information including credit card details, three months worth of bank statements and inquiring whether applicants were born in Canada, says the Office of the Information and Privacy Commissioner.

Acting commissioner Drew McArthur said 1.5 million people live in rental housing, representing about 30 per cent of all households in B.C., but the vacancy rate is so low across much of the province that landlords are taking advantage of the power imbalance.

“Housing is big business in B.C.: In one estimate, residential tenancy generates a greater direct impact on GDP than the mining or forestry industries,” McArthur said in a report released March 22, 2018.

Nationally, the urban centres with the lowest vacancy rates are all in British Columbia, with the province’s overall vacancy rate at 1.3 per cent, he said, adding Vancouver’s rate is 0.9 per cent. The lowest rate is in Abbotsford-Mission and Kelowna at 0.2 per cent.

McArthur said his office is investigating whether a new service complies with the Personal Information Protection Act in its collection of information about tenants from sources including social media platforms, which landlords are not authorized to search.

“In addition, I understand that some of these organizations require prospective tenants to complete behavioural questionnaires to evaluate their character,” McArthur said.

The Human Rights Code also prevents landlords from asking for information about race, religion and family status, McArthur said.

“You also cannot inspect an applicant’s current residence or ask if an applicant may become pregnant in the next 12 months,” he said.

Landlords are authorized to collect a reasonable amount of information, such as references, recent pay stubs, a letter from an employer or permission to call an employer about income, as well as age for rental properties restricted to people over 55.

McArthur said his office receives calls daily from anonymous tenants worried about the over-collection of their personal information though many don’t file complaints because they fear being blacklisted.

In one case, a caller said a landlord asked for copies of their child’s report cards, he said.

“During this investigation, I heard from tenants seeking luxury accommodation as well as basic housing. I heard from young people and from retirees, in urban and rural areas.”

One caller reported a landlord insisted on seeing his T4 slips, even though he had already verified his income by providing a letter from his employer, and another person said a landlord demanded consent to a credit check after an offer to pay one year’s rent in advance.

“A landlord is only authorized to request consent for a credit check where a tenant is not able to provide satisfactory references, or employment and income verification,” the report says. “While it is reasonable to collect a prospective tenant’s credit history in these circumstances, it will not be necessary for most tenants, and a landlord cannot require every applicant to consent to a credit check.”

The report is based on a review of 13 tenancy applications, eight involving for-profit landlords and five that pertain to non-profit organizations. It found 10 of 13 landlords collect information, that, if used, would contravene the Human Rights Code as well as the Personal Information Protection Act.

Information requested included birth date, driver’s licence number, social insurance number, federal tax assessments, whether the applicant speaks English and the name of their bank and how long they’d been a customer there.

The report makes 13 recommendations, including that landlords must state clear, specific purposes for collecting personal information.

Online Database Protects Canadians Getting Mortgages

Online Database Protects Canadians Getting Mortgages

A new online database helps consumers find out if mortgage brokers have broken the rules that govern their profession.

Consumers can enter a mortgage broker’s name or company into the search-friendly database and see disciplinary actions (e.g., licence suspensions, administrative penalties, cease and desist orders) that have been taken against a broker by their provincial mortgage regulator and other Canadian regulators.

The database, developed by the Mortgage Broker Regulators’ Council of Canada (MBRCC), integrates disciplinary records from most provincial regulators into a single, convenient place. It helps consumers save time and provides additional peace of mind when choosing a mortgage broker.

In addition, mortgage brokerages and regulators across Canada now have easier access to disciplinary information. Brokerages can use the new tool to look up potential brokers, and provincial regulators can use it to assess the suitability of brokers who want to be licensed in other provinces.

Developing the database supports the MBRCC’s mandate to improve and promote harmonization of mortgage broker regulatory practices across Canada.


“Mortgages are often the biggest financial commitment Canadians make. Mortgage brokers are regulated professionals who can help you find the right mortgage to finance your home. This new, easy-to-use database gives consumers a way to help check a broker’s background before entrusting them with such an important financial transaction.”

Cory Peters, Chair, MBRCC

Quick Facts

  • More than 23,000 mortgage brokers are currently licensed across Canada.
  • Disciplinary actions will be posted on the database for varying amounts of time, matching how long each regulator posts records in their own province.
  • Consumers should still visit their provincial regulator’s website to get licence status information for mortgage brokers authorized to operate in that province.

Additional Resources


The MBRCC is an inter-jurisdictional association of mortgage broker regulators that seeks to improve and promote harmonization of mortgage broker regulatory practices to serve the public interest. Its members work together and with stakeholders to identify trends and address common regulatory issues through national solutions that support consumer protection and an open and fair marketplace.

MBRCC members represent the nine provinces that currently have legislative and regulatory frameworks governing mortgage brokers or have an interest in developing one; British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland & Labrador.

SOURCE Mortgage Broker Regulators’ Council of Canada

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