Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals

Author: MOHIT VERMA | | Categories: 2nd Mortgage , Home Equity Loan , Mortgage Broker , Mortgage Brokers , Mortgage Financing Experts , Mortgage Refinancing , Mortgage Services , Rescue Financing , Second Mortgage

OSFI, Canada’s banking regulator, announced today it will start phasing out special regulatory capital treatment of deferrals given improving economic conditions.

The changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Those deferrals will now only receive special capital treatment for up to three months as opposed to six. After September 30, any deferrals will be treated according to OSFI’s normal rules.

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Original Article Source Credits:   CANADIAN MORTGAGE TREND , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  August 31, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/08/latest-in-mortgage-news-osfi-changes-rules-for-mortgage-deferrals/

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Mohit Verma, Mortgage Broker Lic.#: M14001515 - Pineapple Financial Inc. FSRA 12830 / BCFSA MB 600871 / AMF 3002803823 / RECA 00424723 / SK 512229

“Instant Approval, Conditional Approval, Pre-Approval” – Borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing. Receipt of borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, Annual APR is subject to approval and underwriting, APR includes all fees and rate which is calculated on a yearly term. APR varies contact us for current rates or more information on a specific product. OAC*

© Copyright 2024. All Right Reserved.
200-111 Gordon Baker Rd, Toronto, ON