OSFI Revises Guideline on Residential Mortgage Insurance Practices
OSFI updated Guideline B-21 on practices and procedures for residential mortgage insurance underwriting. The guideline sets out the expectations of OSFI for prudent residential mortgage insurance underwriting and related activities.
The guideline is applicable to all federally-regulated mortgage insurers (FRMIs) to which the Insurance Companies Act applies and provides mortgage insurance for residential mortgage loans in Canada, and/or reinsurance for such insured loans. The changes in Guideline B-21 are consequential amendments due to the changes issued in Guideline B-20 titled Residential Mortgage Underwriting Practices and Procedures. The resulting updates to Guideline B-21 align its language with that of Guideline B-20 in the areas of income verification, property valuation, and fraud detection and prevention.
Related Link: Letter and Guidelines
Keywords: Americas, Canada, Insurance, Guideline B-21, Guideline B-20, Residential Mortgage, OSFI
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