Lenders Jump on Board with Insured Contract-rate Qualifying

Ever since OSFI revealed to the mortgage industry that it's possible to qualify an insured switch at the contract rate, lenders have been tripping over themselves to adopt the policy.

That's good news for non-deposit-taking lenders, like mortgage finance companies, which typically lead the pack on insured switch pricing. We expect that most of them will roll out support for contract-qualified switches. Already we've heard of multiple leading MFCs committing to it, including the big guns MCAP and First National, as well as smaller players like Strive and Radius.