OSFI proposes new minimum qualifying rate for uninsured mortgages
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.
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