đź’ˇ
See also: Mortgage Bytes (below)
The bank regulator's axing of the mortgage stress test on uninsured switches was a win for consumers—but so far, only a partial win.
OSFI has definitively confirmed that the stress test exemption "does not apply to straight [uninsured] mortgage switches from a provincially regulated lender."
What every mortgage originator wants to know, however, is whether borrowers can switch uninsured mortgages to non-federally regulated bank-funded lenders (i.e., MFCs) without a stress test.
OSFI just provided some degree of clarification on that.
You don't have access to this post on MortgageLogic.news at the moment, but if you upgrade your account you'll be able to see the whole thing, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access.
Comments
Sign in or become a MortgageLogic.news member to read and leave comments.
Just enter your email below to get a log in link.