On July 6th, OSFI released draft changes to its Residential Mortgage Underwriting Practices and Procedures Guideline (B-20) for public comment. Comments on the draft changes must be submitted by August 17th and OSFI plans to finalize the Guideline sometime in 2017.
OSFI highlighted the following three changes:
Requiring a qualifying stress test for all uninsured mortgages
In addition to these changes, our review noted the following:
The draft Guideline contains further elaboration on these points and other more minor adjustments.
One of the features of the OSFI Corporate Governance Guideline, is an expectation that directors will seek out both internal and external education opportunities. With almost 30 years experience with bank and insurance company regulation, we have the knowledge and background to assist directors to understand current regulatory issues and developments, OSFI expectations for directors and the regulatory framework within which the company operates, all essential information for directors.
We can assist your directors with a quick, cost effective training program that will give them the comfort of knowing that they are fully meeting their responsibilities and the regulator's expectations.
Call us to discuss your director training needs.
CCG and Resolver join forces
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