This is insurance that is required for insurable mortgages (high-ratio mortgages) and insurable mortgages (conventional insured). It protects the lenders interest if a borrower defaults on a mortgage. The three mortgage insurers in Canada are Canadian Mortgage and Housing Corporation (CMHC), Canada Guaranty, and SAGEN (formerly known as Genworth). Without mortgage insurance, Canadians need a 20% down payment to obtain a mortgage for a home purchase.