Yes, it would need to be amended federally. I'm told that it's a ministerial regulation and could be dealt with in that fashion. It's a piece of legislation. The acronym is PRMHIA, and it governs mortgage insurance. There is an eligible mortgage loan definition that requires a registered first or second charge. The legislative change we're looking for would add title insurance, guaranteeing priority as an alternative to a registered first or second charge.
On May 30th, 2024. See this statement in context.