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ARTICLE · 28 JUNE 2012

OSFI Releases Final Guideline For Consumer Mortgage Business

Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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On June 21, 2012, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures.

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Victoria Allsopp
Victoria Allsopp
Paul Belanger
Paul Belanger
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On June 21, 2012, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures (Guideline B-20). (For further details, see our June 2012 Blakes Bulletin.) Guideline B-20 applies to all federally regulated financial institutions (FRFIs) engaged in residential mortgage underwriting and/or the acquisition of residential mortgage loan assets in Canada. Coupled with the announcement from the Minister of Finance reducing the maximum amount Canadians can borrow when refinancing and reducing the maximum amortization period, Guideline B-20 is part of a larger effort to strengthen Canada's housing finance system.

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