The Office of the Superintendent of Financial Institutions (OSFI) has announced that it will be implementing stricter requirements for some types of loans to protect homeowners who are now wrestling with the added risks from mounting interest rates.
“OSFI is taking action to ensure that federally regulated financial institutions are well prepared to address the risk of persistent, outstanding consumer debt that can make lenders more vulnerable to negative economic shocks,” the agency said.
The changes will affect combined loan plans (CLPs), loans with shared equity features, and reverse mortgages. # SANDI HALPERN # SOLD # LEASED # NEW MORTGAGE RULE QUALIFICATIONS
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