Close X
Wednesday, January 29, 2025
ADVT 
National

Banking Regulator Warns Lenders Not To Become Complacent About Mortgages

Darpan News Desk The Canadian Press, 28 Nov, 2016 10:38 AM
    VANCOUVER — Canada's bank regulator is warning lenders not to become complacent about the way they underwrite mortgages, reminding them that low interest rates and rising property values aren't guaranteed.
     
    Jeremy Rudin of the Office of the Superintendent of Financial Institutions Canada says in the prepared text of a speech for a meeting of mortgage professionals in Vancouver today that prudent lending practices have never been more important.
     
    Rudin's speech touched on advice the regulator issued earlier this year on the industry's practices, including verifying borrower income levels, managing higher-risk loans and ensuring adequate debt service ratios.
     
    He says the sound underwriting of mortgages relies on having reliable information about the borrower and the property that's being purchased.
     
    Rudin says the current economic environment is behind the office's focus on underwriting practices, noting the Bank of Canada's concerns about increases in household borrowing and mortgage debt, in particular. 
     
    The superintendent's office supervises lenders that account for nearly 80 per cent of all Canadian mortgages.

    MORE National ARTICLES

    Homa Hoodfar Says It Is 'wonderful' To Be Back Home

    Homa Hoodfar Says It Is 'wonderful' To Be Back Home
    "It's wonderful to be home and reunited with family and friends again," Homa Hoodfar told a news conference at Pierre Elliott Trudeau Airport, a few days after being released from prison and flown to Oman.

    Homa Hoodfar Says It Is 'wonderful' To Be Back Home

    Singer Cyndi Lauper Speaks Out Against Montreal Pit Bull Ban

    American singer-songwriter Cyndi Lauper has posted a message on her Facebook page voicing her opposition to Montreal's newly adopted pit bull ban.

    Singer Cyndi Lauper Speaks Out Against Montreal Pit Bull Ban

    Spy Agency Kept Minister In The Dark About Foreign Fighter Probe: Watchdog

    Spy Agency Kept Minister In The Dark About Foreign Fighter Probe: Watchdog
    OTTAWA — A federal watchdog says the Canadian Security Intelligence Service failed to tell the public safety minister about a notable overseas incident during a probe into jihadi-inspired fighters.

    Spy Agency Kept Minister In The Dark About Foreign Fighter Probe: Watchdog

    Refugee Influx Last Year Helped Push Population Over 36 Million: Statcan

    OTTAWA — Statistics Canada says a record number of immigrants arriving in the last year helped push the country's population to an estimated 36,286,425 as of July 1.

    Refugee Influx Last Year Helped Push Population Over 36 Million: Statcan

    Trudeau addresses star-studded One Young World gathering in Ottawa

    Trudeau addresses star-studded One Young World gathering in Ottawa
    OTTAWA — Prime Minister Justin Trudeau embraced his role as minister for youth as he urged a gathering of young people from every country in the world to act now, instead of waiting for some distant moment, to be the leaders they want to become.

    Trudeau addresses star-studded One Young World gathering in Ottawa

    Man Pleads Guilty To Killing Wife And Her Daughter With Hammer And A Bat

    Man Pleads Guilty To Killing Wife And Her Daughter With Hammer And A Bat
    HALIFAX — In his suicide note, Gerald Rushton said he loved his common-law wife and her daughter.

    Man Pleads Guilty To Killing Wife And Her Daughter With Hammer And A Bat