OSFI proposes new minimum qualifying rate for uninsured mortgages

Author: External Author | | Categories: Mortgage Professional

In early 2020, OSFI initiated a consultation process on the benchmark for the qualifying rate for uninsured mortgages contained in OSFI Guideline B-20 — Residential Mortgage Underwriting Practices and Procedures. OSFI suspended its consultation in March 2020 due to the COVID-19 pandemic. The purpose of this letter is to relaunch OSFI’s policy work on the qualifying rate with a new proposal and to reinforce the principles of sound mortgage underwriting in Guideline B-20 in light of the current economic environment.

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Original Article Source Credits:   Office of the Superintendent of Financial Institutions , https://www.osfi-bsif.gc.ca/

Article Written By:  NA

Original Article Posted on:  April 8, 2021

Link to Original Article:  https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/b20-let.aspx

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