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ARTICLE · 31 JULY 2012

OSFI Guideline B-20: Residential Mortgage Underwriting Practices And Procedures

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Guideline B-20: Residential Mortgage Underwriting Practices and Procedures (the Guideline) sets out the expectations of the Office of the Superintendent of Financial Institutions Canada (OSFI) for prudent residential mortgage underwriting, and is applicable to all federally-regulated financial institutions (FRFIs) that are engaged in residential mortgage underwriting and/or the acquisition of residential mortgage loan assets in Canada.

CanadaFinance and Banking
Michael McConnell
Michael McConnell
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Guideline B-20: Residential Mortgage Underwriting Practices and Procedures (the Guideline) sets out the expectations of the Office of the Superintendent of Financial Institutions Canada (OSFI) for prudent residential mortgage underwriting, and is applicable to all federally-regulated financial institutions (FRFIs) that are engaged in residential mortgage underwriting and/or the acquisition of residential mortgage loan assets in Canada. The Guideline does not apply retroactively to residential mortgages already in place. OSFI's expectation is that the FRFIs are to be in full compliance with the Guideline by the end of the 2012 fiscal year and OSFI has indicated that, where possible, FRFIs should comply with the principles and expectations set out in the Guideline as of June 21, 2012.

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