Another independent lender, CMLS Financial, has been approved to offer residential CMHC-backed mortgages in Canada, according to a press release from the company.
"We're pleased to offer the broker community two insurers to manage our volumes," said Dan Putnam, SVP Business Development, Residential Mortgages in the release. "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."
The approval allows CMLS to become a full service lender, with access to both Genworth and CMHC insurable mortgages.
Founded in 1974, CMLS originates over $2 billion of loan funding and their mortgage portfolio is over $6 billion.