Revised Guideline B-21 – Residential Mortgage Insurance Underwriting Practices and Procedures – Letter (2019)

Audiences: Federally Regulated Mortgage Insurers (FRMIs)

OSFI is issuing a revised version of Guideline B-21 – Residential Mortgage Insurance Underwriting Practices and Procedures. The guideline sets out OSFI’s expectations for prudent residential mortgage insurance underwriting and related activities.

When OSFI published an updated version of Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures, it announced that it would assess Guideline B-21 for consequential amendments. The resulting updates to Guideline B-21 align its language with that of Guideline B-20 in the areas of income verification, property valuation, and fraud detection and prevention.

Questions on the guideline may be directed to Vlasios Melessanakis, Director, Prudential Policy at vlasios.melessanakis@osfi-bsif.gc.ca or by telephone at (613) 998-5478.

Carolyn Rogers
Assistant Superintendent
Regulation Sector