Thursday, 21 November 2024
By Mortgage Outlet
Leah Zlatkin quoted in BNN Bloomberg: “Real estate experts say OSFI’s stress test changes will spur lender competition”
The Office of the Superintendent of Financial Institutions (OSFI) announced Thursday that uninsured mortgage straight switches will be exempt from the minimum qualifying rate (MQR). OSFI previously stated in September that it would ease stress test requirements for uninsured mortgages when switching providers, stating its intentions at the time to formally communicate the change in its Nov. 21 quarterly release.
“This eliminates a barrier that previously prevented borrowers from accessing better rates. The new rule will foster a more competitive lending environment where consumers have greater freedom to choose the best mortgage product, encouraging lenders to offer more attractive terms to retain customers,” Leah Zlatkin, a licensed mortgage broker, said in a statement Thursday.
