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New Mortgage Restrictions Approach

Change-Ahead-OSFI-GuidelinesMany of OSFI’s proposed mortgage underwriting guidelines may be coming soon to a bank near you.

An OSFI spokesperson told us on Wednesday, “We are still aiming for a late June (or) early July release.”

At that point, its mortgage underwriting “guidelines” will be final, it says.

The spokesperson added, “The cover letter issued at the same time as the guidance will lay out timelines for implementation of the various elements, and will include a summary of the comments we received.”

OSFI says the guidelines will come into force sometime after they are released, but it didn’t have a timetable yet. We get the sense it won’t be too far down the road.

OSFI also noted that it talks to financial institutions regularly, and told us they are “prepared” for what’s coming.

Rob McLister, CMT