Rack another one up for Canada’s “third” default insurer – more specifically the account of another large lender, ING.
"Canada Guaranty is focused on continued growth through the pursuit of quality partnerships and we are delighted to have the opportunity to work with ING DIRECT," said Andy Charles, President and CEO, announcing the addition earlier this week. "We look forward to supporting their commitment to helping more Canadian homebuyers 'unmortgage' their homes sooner."
The insurer’s full suite of products is now available through ING DIRECT, following on the heels of another key growth spurt -- the addition of BMO last June.
Both deals are poised to significantly open the default mortgage insurance industry, making it more of a three-way contest and not just a battle between the CMHC and Genworth. That could, say analysts, create a more price-competitive environment as well as boost Canada Guaranty’s efforts to grow connections with broker-channel lenders.
"That’s good for the overall mortgage industry in that it demonstrates there is a need for a stronger competitive dynamic,” Charles told MortgageBrokerNews.ca, “and we’re filling that. We also continue to develop relations with prime mortgage originators and we compete in all market segments, inclusive of prime mono-line lenders.”
Charles’s strategy is focused on winning large institutional lenders.
"Having access to regional account executives represents an important resource for our team," said Kim Luxton, ING’s director of broker sales. "Through the personalized support and essential training offered by Canada Guaranty, we continue to ensure our brokers and clients benefit from enhanced service and solutions."