Letter to OSFI re Proposed change to B-20 uninsured mortgage minimum stress test level.
Mortgage Professionals Canada has commented to Office of the Superintendent of Financial Institutions ( OSFI) on its proposed changes to the Guideline B-20 minimum qualifying rate for uninsured mortgages, commonly known as the mortgage stress test.
Our official letter can be read in full here.
The proposed mortgage stress test change would come into effect June 1, 2021. Our letter also raises concerns to the Ministry of Finance about possible changes to the insured mortgage qualifying rate which the ministry might consider in the near future.
We thank OSFI for the opportunity to respond, and will continue to keep members informed.
As always, we welcome you to share your comments to the team at firstname.lastname@example.org.