The Portfolio Plus interface for CMHC’s emiliTM provides lenders who use Portfolio Plus with an automated interface to receive loan insurance approvals online from the Canada Mortgage and Housing Corporation (CMHC)—in a matter of seconds.
CMHC's emiliTM system was designed to facilitate loan insurance approvals. However, as part of its insurance approval process it must, in fact, perform a comparative real estate valuation (i.e. compare the property to be insured to properties in the area). This, coupled with all the data that emili receives (e.g. size of house, garage specifications, lot size, etc.) allows it to be used as a valuation tool by a financial institution. How much weight this data has in the financial institution's underwriting process varies, of course, but more institutions are looking at emiliTM as more than just a mortgage insurance tool.
The CMHC released emiliTM in 1996 to help speed up the loan insurance approval process. Users were able to enter data directly, using WEBemili, emiliPC, and FAXemili. This was fast, but not not as fast as a computer-to-computer interface. That's the trend today. Using Portfolio Plus, users will not have to retype information that is already contained within the loan system. The correct data (gleaned from the loan system) will be transported directly to CHMC through the emiliTM electronic interface. It should also be noted that the system-to-system interface available for emiliTM today makes use of XML (eXtensible Markup Language) which helps companies like ours create these interfaces in an easier manner.
Strategic Information Technology began developing Portfolio Plus in 1988. Today, Portfolio Plus is a robust banking platform that allows financial institutions to offer many different types of financial products through many different channels. The basic modules that are available for Portfolio Plus include:
The Canada Housing and Mortgage Corporation (CMHC) provides loan insurance products that are suited for: