Revised Regulatory Guidance On Consumer Mortgage Business

The Office of the Superintendent of Financial Institutions (OSFI) recently released an Interim Update on Draft Guideline B-20 (for further details, see our March 2012 Blakes Bulletin: More Federal Regulatory Guidance on Consumer Mortgage Businesses in which we reported on Draft Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures).

According to the Update, OSFI has now assessed the comments it received relating to the Draft Guideline and is preparing the final version of Guideline B-20 for release later this summer. The Update also discloses OSFI's decisions on certain key matters addressed by the Draft Guideline. While OSFI has remained steadfast on most of the matters discussed in the Update, it has revised its initial position for some matters.