Mortgage Insurance Analyst (2024)

Job Requisition ID: 10001

Position Status:Temporary Full Time

Position Type:Hybrid

Office Location:Ottawa (ON); Calgary (AB); Halifax (NS); Montreal (QC); Toronto (ON); Vancouver (BC)

Travel Requirement:Travel not required

Language Designation:English Essential

Language Skill Levels (Read/Write/Speak):ZZZ

Salary:Our salaries generally range from $58507.77to $73134.71and are based on qualifications and experience.

About CMHC

At CMHC, the work you do and the work we do together matters. We come to work every day with a common purpose: to realize a future where everyone in Canada has a home that they can afford and meets their needs.

Our people are second to none. We lean in with courage, band together as a community and try new things to make a lasting impact on housing from coast to coast to coast.

Join us and be part of a team that's committed to making a real difference and be part of something meaningful.

We’ve got the purpose, the people and the perks you need for a fulfilling career. Here’s what you get when you’re a contract employee:

  • 3 weeks of accrued vacation.
  • Annual individual performance bonus.
  • Support in your personal and professional growth with training, mentorship and more – because when you thrive, we thrive.
  • An inclusive workplace culture and environment with Employee Resource Groups and more.
  • A hybrid work model that lets you balance working from home and nurturing in-person connections by coming into your region’s office at a minimum of 4 timesa month.

About the role

Join the Portfolio Insurance team in Commercial Solutions where you will apply your client relationship and risk management skills to conduct the day-to-day underwriting requirements that satisfy business needs. You will draw on your analytical skills and computer skills to create reports to be provided to stakeholders to help them with regulatory and policy compliance.

Please note this is a temporary position of 12 months, with the possibility of extension.

What you’ll do:

  • Underwriteassigned Portfolio Insurance applications.Validates insurance for securitization purposes.
  • Providehigh level analytical support in the creation of analytical reports for internal and external stakeholders with a focus on developing and presenting information in a way that is clear and easily understood.
  • Developand escalaterecommendations based on report and data findings as appropriate to the Manager.
  • Ensuredata is accurate and valid by conducting quality checks and being attentive to detail.
  • Useappropriate analytical tools to perform data mining in support of team initiatives and business needs.
  • Streamlineand operationalizeprocedures and data reporting as necessary.


What you should have:

  • An Undergraduate degree in business administration, economics, mathematics or statistics or a related field.
  • An expertise in using the standard Microsoft suite, and comfort in running SAS programs and utilizing open source tools (such as R, Python) and data visualization (Power BI, Tableau).
  • A minimum of one year of related experience (data analytics, business analytics, etc.).
  • Awareness of CMHC's mandate and strong ability to understand the organization’s goals and objectives.
  • Strong data analysis, data verification and problem-solving abilities.
  • Effective oral and written communication skills including the ability to present complex ideas with clarity.
  • Sound analytical skills with demonstrated ability to capture and synthesize information to develop recommendations and provide advice.


It would be great if you also had:

  • A knowledge of the Mortgage industry and/or Mortgage Insurance.
  • Risk management exposure and/or training.
  • An expertise in creating new reports in the standard Microsoft suite, SAS and other tools such as open source tools (R, Python) and data visualization (Power BI, Tableau).

Posting closing date:Note, the competition will remain active until filled.

Our commitment to diversity, equity, and inclusion 

We’re committed to employment equity and encourage women, Indigenous Peoples, persons with disabilities, veterans and persons of all races, ethnicities, religions, abilities, sexual orientations, and gender identities and expressions to apply. We also welcome applications from non-Canadians who are eligible to work in Canada.

CMHC is an inclusive workplace where diversity of thought – and of people – are recognized, valued, and considered essential to achieving our mission.

Learn more about our commitment to diversity and inclusion

What happens after you apply 

We know that applying for a new job can be both exciting and daunting, and we appreciate your effort. Learn more about our hiring process. If you are selected for an interview or testing, please advise us if you require an accommodation.

If you applied before and you were not successful don’t worry – we're always posting new positions, so don’t hesitate to give it another shot. We’re excited to see what you bring to the table this time around!

Mortgage Insurance Analyst (2024)

FAQs

Can I avoid PMI with 10 percent down? ›

Put 10% Down with No PMI by Using a Piggyback Loan

The other 10% required to make up a 20% down payment comes from a second loan, worth 10% of the home's value. That second loan “piggybacks” on the mortgage. It's completely separate which means it will have its own terms and interest rate.

How much is PMI on a $300 000 loan? ›

But in general, the cost of private mortgage insurance, or PMI, is about 0.5 to 1.5% of the loan amount per year. This annual premium is broken into monthly installments, which are added to your monthly mortgage payment. So a $300,000 loan would cost around $1,500 to $4,500 annually — or $125 to $375 per month.

What percentage should I avoid mortgage insurance? ›

If you take out a conventional mortgage and you can pay 20% or more on the down payment, you can effectively avoid being required to take out PMI along with your mortgage.

What percentage of people get mortgage insurance? ›

Private mortgage insurance borrowers tend to have lower credit scores and higher LTV and DTI ratios than non-PMI borrowers in the conventional market. For 2016 originations, 24.9 percent of GSE loans had PMI. The share was higher for purchase loans (44.7 percent) than for refinance (refi) loans (9.4 percent).

How do I remove PMI after 20%? ›

Your lender adds a PMI fee to your monthly payment, which you must pay until you reach 20% equity in your home. In other words, you must pay your loan balance down to 80% of your home's original value. Once you reach this threshold, you can request cancellation.

How do I get rid of PMI before 20%? ›

Refinance into a piggyback loan to get rid of PMI.

If you don't yet have at least 20% in home equity, you can split your refinance into a first and second mortgage to get rid of PMI. Lenders call this a “piggyback refinance loan,” and it works like this: 1. You take out a first mortgage to 80% of your home's value 2.

Can you pay off PMI early? ›

You have the right to ask your servicer to cancel PMI on the date the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home. The first date you can make the request should appear on your PMI disclosure form, which you received along with your mortgage.

Is paying PMI worth it? ›

PMI is an avoidable extra cost associated with buying a home. That said, sometimes paying PMI is the right move; it can help you get into a home that would otherwise be out of reach.

How can I get my PMI removed? ›

To request cancellation of PMI, you should contact your loan servicer when the loan balance falls below 80 percent of your home's original value (the contract sales price or the appraised value of your home at the time it was purchased).

Is it worth it to put 20% down to avoid PMI? ›

Making a smaller down payment or getting an adjustable-rate mortgage, for example, puts your lender at greater risk, so you should expect your PMI costs to run higher. When you can make a 20% down payment (80% loan-to-value ratio), you lower the lender's risk to the point that you won't need to pay PMI at all.

Can you get a FHA loan without PMI? ›

FHA mortgage loans don't require PMI, but they do require an Up Front Mortgage Insurance Premium and a mortgage insurance premium (MIP) to be paid instead. Depending on the terms and conditions of your home loan, most FHA loans today will require MIP for either 11 years or the lifetime of the mortgage.

Why is my PMI so high? ›

The type of mortgage. PMI may cost more for an adjustable-rate mortgage than a fixed-rate mortgage. Because the rate can go up with an adjustable-rate mortgage, the loan is riskier than a fixed-rate loan, so PMI tends to be higher.

Who has the best mortgage insurance? ›

Best Mortgage Protection Insurance Companies of 2024
  • Best Overall: State Farm.
  • Best for Young Families: Banner Life.
  • Best for Veterans: USAA.
  • Best for 15-Year Mortgages: Nationwide.
  • Best for Reverse Mortgages: Protective.

How much is typical monthly mortgage insurance? ›

Typically, you'll pay about 0.5% – 1% of your loan amount per year for PMI. This translates to $1,000 – $2,000 per year in mortgage insurance for the average U.S. homeowner who is required to carry coverage, or about $83 – $166 per month.

What is the average mortgage insurance premium? ›

With FHA mortgages, all borrowers have to pay an upfront mortgage insurance premium, or UFMIP. That cost is currently fixed at 1.75% of your loan amount. This means, FHA borrowers would pay about $6,295 for UFMIP based on the median sales prices of a single-family home at $359,700 as of Oct.

What can I put down to avoid PMI? ›

Getting rid of PMI is pretty simple. All a borrower has to do is pay down the loan's principal balance to 80% or lower of the home's original appraised value, or to 80% of the home's current market value. All this means is that a borrower must show they have at least 20% equity in the property.

Can I avoid PMI with 15% down? ›

How can I avoid PMI? To avoid PMI completely with a conventional loan, you'll need a minimum 20% down payment, or 15% with CCM's Bye-Bye PMI loan program.

Can I drop my PMI if my home value increases? ›

If home values have gone up in your area or you've made a lot of improvements to your home, you could have more than 20% equity based on the home's current value. Providing the loan-to-value ratio with a new appraisal value meets the lender's requirements, you may be able to get PMI taken off.

How do I stop paying PMI? ›

To request cancellation of PMI, you should contact your loan servicer when the loan balance falls below 80 percent of your home's original value (the contract sales price or the appraised value of your home at the time it was purchased). This date appears on a PMI disclosure form that was provided by the lender.

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