Your Commitment Letter / Loan Agreement outlines your ongoing obligations, including the information required for periodic loan reviews. Providing complete information on time helps us review your loan efficiently and monitor compliance with its terms including CMHC reporting requirements.
This comprehensive contract encompasses specific clauses focused on the loan review process and contract compliance requirements including submission of financial documents and compliance forms. Ensuring compliance with your loan obligations, including CMHC Certificate of Insurance requirements, is key to maintaining the good standing of your mortgage.
Outlined in your commitment letter are specific documents required for the review. These typically include:
Financial Statements (Corporate Entities) and/or Personal Net Worth Statements (Individuals): These are expected from all named parties to the loan including Borrower(s) and Guarantor(s).
Operating Statements: For each mortgaged property.
Current Rent Roll: For each mortgaged property.
For MLI Flex and MLI Select Loans: As part of our ongoing monitoring requirements, please complete and return the Rent Roll Template linked below. The information provided will be used to support our review of the property's ongoing compliance with applicable CMHC affordability requirements.
For additional details on MLI Select Affordability, visit the CMHC MLI Select Site here: https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/multi-unit-insurance/mliselect
CMHC Certificate of Insurance (COI) Compliance Certificates:
Depending on the conditions of your CMHC Certificate of Insurance (COI), you may also need to provide one or more of the following compliance certificates (linked templates below):
CMHC MLI Select Permitted Rent Increase Reference Tables:
Use the reference tables below to help establish permitted rent increases for units subject to MLI Select affordability requirements. Refer to the notes in each table and the requirements applicable to your loan.
All compliance certificates and financial reporting should be sent to financialstatements@cmls.ca
We invite you to learn more and to ask how we can be of service to you.
