Scotia tightens mortgage underwriting

Further to yesterday's speculation about Scotia's loan-to-value policy changes, it turns out that rumour became fact quicker than expected. In a memo the bank sent out a few days ago—which we received Thursday—it announced that it was implementing the changes this week.

(Banks don't typically notify MLN of policy changes like this, but we invariably find out before long.)

Here is what we now know...

What Scotia changed

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