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OSFI nixes requalifying guideline

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Mortgage Broker News | 06 Jun 2012, 04:00 PM Agree 0
From CAAMP’s lips to OSFI’s ear. The federal regulator issued a letter Wednesday clarifying its position on re-qualifying borrowers at renewal -- effectively maintaining the status quo and confirming CAAMP's understanding.
  • Ron Butler | 07 Jun 2012, 07:40 AM Agree 0
    Although I am happy to see the unworkable renewal requalification idea out the window. I think 65% LTV HELOCS may be a very big deal.

    What if there is no grandfathering and everyone with an 80% LTV needs to make a change?

    This could be a spine tingling moment for some folks.
  • Yay Caamp | 07 Jun 2012, 08:37 AM Agree 0
    I want to say thank you to CAAMP for helping in being a voice of reasonong for OFSI to listen to on the subject of re-qualifying on renewals.
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