OSFI Dropped the Hammer on the Mortgage Market
OSFI dropped the hammer on the mortgage market this week. The changes to its mortgage underwriting standards were revealed and they are looking to further tighten the Canadian lending standards. This is the final revision of Guideline B-20 -Residential Mortgage Underwriting Practices and Procedures. The new rules will be taking effect on January 1st, 2018 and are applicable…