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The Mortgage Commitment

Loan Review Documents

Your Commitment Letter / Loan Agreement is more than a document; it’s a contract that outlines the ongoing commitment between you, the borrower, and the lender.

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.

Essential Loan Review Documents

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 and Current Rent Roll: These need to be property specific.

For MLI Flex and MLI Select properties that have qualified for the affordability eligibility criteria, please also provide the following supporting documents:

Evidence of the calculations used to determine affordable rents

Any other supporting documentation, such as updated annual maximum rents limits, if applicable.

If applicable, please ensure that the annual CPI increase used in your calculations is based on the September to September period. For example, use the percentage change in CPI from September 2022 to September 2023 for rent increases in 2024.

CMHC Certificate of Insurance (COI) Compliance Certificates:

  • Affordable Housing Covenant Compliance Certificate
  • Healthcare Facility Compliance Certificate
  • Capital Repairs and Replacement Covenant Compliance Certificate
  • Condo Clause Compliance Certificate
  • Equity Retention Compliance Certificate (General/Ring Fencing)
Commercial or Multi-Famil Commercial or Multi-Famil

CMHC COI Annual Compliance Certificate Templates & Other Resources

The following templates can be downloaded below, as applicable, to assist you

All compliance certificates and financial reporting should be sent to financialstatements@cmls.ca

Talk to CMLS Financial Today

We invite you to learn more and to ask how we can be of service to you.

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info@cmls.ca
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