Banking regulator's proposals on mortgage rules lack stakeholder support

The Office of the Superintendent of Financial Institutions floated the proposals in January as part of its wide-ranging review of the B-20 mortgage underwriting rules.

It included potential additional conditions for a stress test, where would-be borrowers must prove they could continue to make mortgage payments at a higher interest rate. It says stakeholders were generally not supportive of additional debt service measures and raised concerns about the disproportionate impact that new industry-wide measures could have on smaller lenders.He says flexibility for lenders can be better maintained if the regulator does not institute defined debt ratio limits for uninsured federally regulated mortgages.

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