Residential Mortgage Underwriting Practices and Procedures

OSFI is issuing the final version of its guideline on Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions. The changes to Guideline B-20 reinforce OSFI’s expectation that federally regulated mortgage lenders remain vigilant in their mortgage underwriting practices. The changes also reflect the expectations communicated to the industry in July 2016.