regulator-banking

Homeowners will no longer need to do stress test when switching mortgage providers

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Homeowners will no longer need to do stress test when switching mortgage providers

The national banking regulator says it will no longer require borrowers with uninsured mortgages to undergo a stress test when switching providers. The Office of the Superintendent of Financial Institutions says it will end the policy for lenders to apply the minimum qualifying rate to straight switches when uninsured mortgages are renewed at a different institution … Read more

Canadian banking regulator says real estate, mortgages pose risk to financial systems

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Canadian banking regulator says real estate, mortgages pose risk to financial systems

Canada’s banking regulator says real estate secured lending and mortgages are among the top risks the country’s financial system is facing, as higher interest rates pressure borrowers. In its annual risk outlook, the Office of the Superintendent of Financial Institutions )OSFI) said as homeowners renew their mortgages, they could potentially face a payment shock due to … Read more