Comments on: Odd or Smart timing for Genworth? http://www.gregwilliamson.ca/uncategorized/odd-or-smart-timing-for-genworth/ Canadian and Alberta Real Estate and Mortgage Market Information with a slant toward positive comments in light of all the negative information out there Mon, 02 Jan 2012 19:35:08 +0000 hourly 1 http://wordpress.org/?v= By: Greg http://www.gregwilliamson.ca/uncategorized/odd-or-smart-timing-for-genworth/#comment-65 Greg Tue, 14 Apr 2009 01:49:10 +0000 http://www.gregwilliamson.ca/blog/?p=283#comment-65 Jason, thanks for the comments, I had not really considered CMHC's motives for their recent hardlined underwriting approach other then for the "market conditions" line we always get. Your theory is interesting and thought provoking. Let's keep a close eye on whether CMHC announces shortly any official changes to their product line or underwriting policies - Greg Jason, thanks for the comments, I had not really considered CMHC’s motives for their recent hardlined underwriting approach other then for the “market conditions” line we always get. Your theory is interesting and thought provoking. Let’s keep a close eye on whether CMHC announces shortly any official changes to their product line or underwriting policies

- Greg

]]> By: Jason Dodd http://www.gregwilliamson.ca/uncategorized/odd-or-smart-timing-for-genworth/#comment-64 Jason Dodd Mon, 13 Apr 2009 15:01:56 +0000 http://www.gregwilliamson.ca/blog/?p=283#comment-64 I think without it being published that CMHC has lifted the requirements for their insurance. You would be hard pressed to find a broker who doesn't have a recent story about how CMHC declined a loan at 95% LTV and worse is the methodology on how they value properties. For Example, Despite me offering all recent sales comparables for last 3 months CMHC valued a recent condo at $211000.00 while the sale price agreed upon was $237000.00. They did not want to or offer to send in a appraiser for a third party view. This evaluation is a significant 10% lower than what the market agreed upon and what was showing for comparables. To me this is CMHC tinkering with driving market values as an insurer rather than letting the market decide. In uncertain times CMHC's valuation system is positioning itself to be a major determinant of our country's real estate values. I don't believe they should play such a major part in that determination. I think without it being published that CMHC has lifted the requirements for their insurance. You would be hard pressed to find a broker who doesn’t have a recent story about how CMHC declined a loan at 95% LTV and worse is the methodology on how they value properties. For Example, Despite me offering all recent sales comparables for last 3 months CMHC valued a recent condo at $211000.00 while the sale price agreed upon was $237000.00. They did not want to or offer to send in a appraiser for a third party view. This evaluation is a significant 10% lower than what the market agreed upon and what was showing for comparables. To me this is CMHC tinkering with driving market values as an insurer rather than letting the market decide.
In uncertain times CMHC’s valuation system is positioning itself to be a major determinant of our country’s real estate values. I don’t believe they should play such a major part in that determination.

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