💡The latest Amortization Simulator is now live, complete with the market's latest forward rate outlook. (Download here) As we approach the biggest mortgage renewal cycle ever, brokers are starting to question OSFI's recent stress test exemption on uninsured switches. It's looking suspiciously like a

Thousands of long-time mortgage brokers and unwitting customers have experienced Scotiabank's frustrating mortgage renewal policy. If you don't renew or pay out the mortgage by the deadline, the bank shackles you to a new closed term. Borrowers must then often pay hefty penalties to get out

💡See also: Mortgage Bytes (below) The bank regulator's axing of the mortgage stress test on uninsured switches was a win for consumers—but so far, only a partial win. OSFI has definitively confirmed that the stress test exemption "does not apply to straight [uninsured] mortgage switches from

If you didn't catch the CRA's request for comment on its new "income verification tool," it's not your fault. Apparently, CRA didn't think it was important enough to widely publicize and get maximum industry feedback. That's okay. After