Chicago Title defines a private lender to be any lender which is not a Chartered Bank, Trust Company, Credit Union, Insurance Company or Mortgage Finance Corporation. Chicago Title follows the same criteria as the Canada Mortgage and Housing Corporation. To find out more about the lenders that are not considered a private lender please visit the National Housing Act Approved Lenders on the CMHC website: www.cmhc-schl.gc.ca.
Special measures have been implemented to protect the lenders and the legal professionals involved in private lender mortgage transactions against fraudulent transactions. These measures include, but are not limited to:
- Additional underwriting questions
- Additional relevant documents
These changes in our procedures are based on real estate industry trends where fraudulent transactions are on the rise in the private lending space.