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.

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