OSFI Looks to Implement New Bank Rules

Today, the Office of the Superintendent of Financial Institutions (OSFI) released a draft regarding residential mortgage underwriting practices & procedures.

OSFI is issuing the draft guideline to allow the industry to provide input in best practices for mortgage lending.

Please note that this does not affect the rules for insured mortgages which are set by the government.   We’ll hear about those rule changes later this month.

To read the draft, click here

Related news articles:

Globe & Mail: Bank Regulator moves on mortgages
 Calgary Herald: Canada watchdog wants more mortgage transparency

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