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Originally posted by Discotech
reply to post by Rook1545
wow you really didn't read the article did you ?
They're selling insurance for mortgages, not selling mortgages themselves.
It's basically payment protection incase you lose your job or you get too sick and go on a rate of pay which isn't enough to meet your mortgage repayments.
It's nothing about testing people to get mortgages or own houses.
You can still get a mortgage without this insurance, just you're pretty much screwed if you lose your job.
This company obviously (and quite rightly) see's drug users as a higher risk, therefore would rather eliminate the risk in order to avoid potentially costly payouts.
You do know how insurance works don't you ?
The CUMIS Group Limited Insurance whohave beenpartnered along with thousands of banks across North America for insurance requirements, has now accepted a policy of pre-screening drug tests & hair samples for the right to obtain home loan insurance, a necessity, if you’re going to purchase a home in Canada.