Accelerate Mortgage Approvals with Seamless Insurance Integration
Questions answered:
Covaleyo’s ProLender platform enables lenders to integrate directly with Canada’s top mortgage insurance providers—CMHC, Sagen, and Canada Guaranty—streamlining the mortgage insurance process within your Loan Origination System (LOS). This automation reduces manual steps, accelerates approvals, and ensures underwriting compliance while improving the borrower experience.
Mortgage insurance is a financial safeguard for lenders that protects them in the event a borrower defaults on a mortgage. It is typically required when the borrower provides less than 20% of the home’s purchase price as a down payment.
In Canada, the primary mortgage default insurers are:
These institutions enable lenders to issue high-ratio mortgages (low down payment) by assuming the default risk. In exchange, borrowers pay an insurance premium that is typically rolled into the mortgage amount.
There is also mortgage creditor insurance, which protects the borrower by covering mortgage payments in the event of death, disability, or serious illness. However, this page focuses specifically on default mortgage insurance as part of the underwriting process.
Mortgage insurance integration connects your LOS with an insurer’s digital platform, automating the submission, validation, approval, and policy issuance process. It eliminates manual document handling and improves accuracy and efficiency for lenders processing insured mortgage loans.
Through direct system or API-based integrations, your team can seamlessly submit applications to CMHC, Sagen, or Canada Guaranty from within the LOS—reducing turnaround times and operational friction.
Covaleyo ProLender integrates with Canada’s leading mortgage insurers through its secure, backend configuration within ProLender Administration:
This streamlined process eliminates redundant steps and shortens the mortgage origination timeline.
By embedding mortgage insurance workflows into your LOS, you gain several key advantages:
Mortgage insurance integration with Covaleyo can be completed in as little as 1-2 days, including configuration and training.
Contact Covaleyo to integrate with CMHC, Sagen, and Canada Guaranty and simplify the path to mortgage approval.
A Loan Origination System (LOS) needs to enable Credit Unions to streamline their lending processes as well as ensure they can add additional functionality without a significant impact to operations. An integrated LOS has numerous benefits including reduced errors, efficiency gains, and additional channel options.
It’s an insurance product that protects lenders if a borrower with a low down payment defaults on their mortgage. It enables lenders to approve high-ratio mortgages more confidently.
The three key providers are CMHC, Sagen, and Canada Guaranty.
Elevate Your Business with Premium Integrations.
Learn more about our premium integrations, their costs, and how they can boost efficiency, mitigate risk, and enhance customer satisfaction.