- Tools and strategies for approved lenders
- emiliCLAIMS
- Training
- Information guides
Our highly trained default management team offers information and support on how to:
- Convert a variable interest rate mortgage to a fixed interest rate mortgage to protect the borrower from a sudden interest rate increase
- Offer a temporary short-term payment deferral
- Extend the original repayment period (amortization) to lower the monthly mortgage payments
- Add any missed payments (arrears) to the mortgage balance and spread them over the remaining mortgage repayment period
- Offer a special payment arrangement unique to the particular financial situation
With proper intervention and well-planned financial assistance, most problems can be solved.
Contact us at 1-866-358-9999 for more information.
Despite the efforts of the lender and the borrower and the support of CMHC’s default management team, it may not always be possible to prevent default.
If CMHC approved the original loan through emili and proper title can be conveyed, CMHC will pay 100 per cent of eligible claims and costs. The only exception is in the case of fraud where the lender or their staff is involved.
Claims can be submitted using emiliCLAIMS, our web-based claim submission system. Approved Lenders can use it to electronically and securely submit claims quickly, easily and effectively.
We offer comprehensive default management training for lenders through CMHC's "The CLASSROOM". Contact your CMHC Business Development Officer for more information.
Dealing with Mortgage Payment Difficulties
Share these tips and strategies with clients facing payment difficulties.
Homeowner Default Management Guide
A document outlining CMHC’s seven-step approach when helping clients facing payment difficulties. For a copy, please contact your CMHC Business Development Officer.
Default Management and Real Estate Centres
Contact the centre near you.