2 These Regulations apply to every mortgage or hypothecary loan that is not insured under a contract of insurance that could be deemed to be a policy under section 19 of the Protection of Residential Mortgage or Hypothecary Insurance Act.
9 (1) A high ratio loan is to be governed by these Regulations as they read on October 16, 2016 if, on any day before October 17, 2016,
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(2) A low ratio loan is to be governed by these Regulations as they read on October 16, 2016
(2) For greater certainty, if an insured mortgage or hypothecary loan is modified to both replace its security with a new eligible residential property and increase its outstanding balance, the increased portion is to be considered, for the purposes of these Regulations, as a new loan approved on the day on which the increase is approved, which must meet the criteria that apply on that day to be an eligible mortgage loan.
(3) If any other modification is made to an insured mortgage or hypothecary loan that requires the payment of an additional mortgage or hypothecary insurance premium, the loan is to be considered, for the purposes of these Regulations, as a new loan approved on the day on which the modification is approved, which must meet the criteria that apply on that day to be an eligible mortgage loan. Any modification that does not require the payment of an additional mortgage or hypothecary insurance premium does not affect the eligibility of the loan.
1 (1) The following definitions apply in these Regulations.
(3) For the purposes of these Regulations, the principal amount of a loan does not include any mortgage or hypothecary insurance premiums.
