Standard Mortgage Terms

Effective Thursday January 3, 2019, the Standard Mortgage Terms changes were updated to comply with requirements from Canada Mortgage and Housing Corporation (CMHC) to amend mortgage agreements for insurance and securitization purposes. In addition other changes included were updating relevant changes in law and in language, to give better clarity to certain defined items for members, and included language to more clearly represent situations in which the member is leasing or subleasing the mortgaged land. Please review the updated Standard Mortgage Terms and let us know if you have any questions.