Office of the Superintendent of Financial Institutions
November 6, 2014 ─ Ottawa, Ontario ─ Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) today released Guideline B-21 Residential Mortgage Insurance Underwriting Practices and Procedures following public consultation. The guideline outlines principles to support sound mortgage insurance underwriting and guide interactions between mortgage insurers and mortgage lenders.
“Guideline B-21 reinforces sound mortgage underwriting by introducing expectations for mortgage insurers that complement those applicable to mortgage lenders, and by requiring mortgage insurers to conduct adequate due diligence on the lenders with which they do business. Implementing these principles, along with OSFI’s on-going supervisory work in this area, will contribute to the continued stability of the Canadian financial system,” said Superintendent Jeremy Rudin.
Annik FaucherOSFI – Public Affairsannik.firstname.lastname@example.org
Created in 1987 by an Act of Parliament, OSFI is the primary regulator and supervisor of federally regulated deposit-taking institutions, insurance companies, and federally regulated private pension plans. OSFI's mandate is to advance and administer a regulatory framework that contributes to public confidence in a strong, stable and competitive financial system.