OSFI Uncovers Little-Known Stress Test Exemption
Buried in OSFI's consultation feedback on Monday was this line:
"Insured borrowers...are exempt from the re-application of the MQR when switching lenders at renewal."
Most mortgage advisors know that this switch exemption applies to grandfathered mortgages—e.g., insured mortgages that closed before November 2016. But, hold onto your amortization tables, folks, because here's a lesser-known fact that's leaving even the savviest mortgage gurus scratching their heads.
This post is for MLN Pro subscribers only
You've successfully subscribed to MortgageLogic.news
Great! Next, complete checkout for full access to MortgageLogic.news
Welcome back! You've successfully signed in.
Unable to sign you in. Please try again.
Success! Your account is fully activated, you now have access to all content.
Error! Stripe checkout failed.
Success! Your billing info is updated.
Error! Billing info update failed.