Canada Reverses Mortgage Stress Test
This is a Canada news story, published by financialpost, that relates primarily to Competition Bureau news.
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new mortgage testfinancialpost
•OSFI relents on stress tests for uninsured mortgages when lender switched at renewal
79% Informative
Canada 's top banking regulator has had a change of heart after rejecting a call by Canada ’s Competition Bureau to treat mortgage stress testing equally at renewal.
The regulator plans to inform the banking industry formally in November that “straight switches” of an uninsured mortgage to a new financial institution will not require the new lender to assess the borrower using the minimum qualifying rate stress test.
Industry players had complained about the imbalance that required the stress test to be applied again when changing banks.
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