Genworth Partners With Street Capital

Street-Capital

Genworth Financial Canada, the country’s largest private default insurer, has added Street Capital to its portfolio of lenders.

In turn, Street Capital will now feature Genworth as an additional insurer option, making it one of the only lenders in the country to offer all three insurers (CMHC, Genworth and Canada Guaranty) for new applications.

That gives brokers a choice when positioning deals that may require exceptions, and can increase the odds of approval in such cases.

Here are the products that Street now has through Genworth:

  • Homebuyer 95
  • New to Canada
  • Family Plan Program
  • Borrowed Down Payment
  • Cash-out Refinance
  • Vacation/Second Homes
  • Purchase Plus Improvements
  • Extended Amortization.

Street is not currently offering Genworth’s BFS or Investment Property Program. Hopefully it does in the not-too-distant future.

As a side note, Genworth’s conventional Investment Property Program is easily the most flexible rental product of any insurer. It permits a very favourable 80% rental offset calculation on all rental income. That’s quite helpful for applicants with multiple sources of rent.


Rob McLister, CMT

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