Saturday, June 25, 2022
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

    Investigators Clear Calgary Police In Shooting That Left Man In Wheelchair

    Investigators Clear Calgary Police In Shooting That Left Man In Wheelchair

    The head of a unit that investigates Alberta police actions says an officer didn't do anything wrong when he pursued and shot a man after he spat on the ground at an anti-racism rally.

    Investigators Clear Calgary Police In Shooting That Left Man In Wheelchair

    Still No Sign Of Four-Year-Old Girl In Vancouver Amber Alert

    Still No Sign Of Four-Year-Old Girl In Vancouver Amber Alert

    An Amber Alert remains in effect in the search for a four-year-old girl in British Columbia believed to be with her mother, who Vancouver police say leads a "high-risk lifestyle."

    Still No Sign Of Four-Year-Old Girl In Vancouver Amber Alert

    Woman Who Accused Author Steven Galloway Of Sexual Assault Breaks Silence

    Woman Who Accused Author Steven Galloway Of Sexual Assault Breaks Silence

    VANCOUVER — The former University of British Columbia student who accused Steven Galloway of sexual assault says her complaint against the acclaimed author was not about a "consensual affair."

    Woman Who Accused Author Steven Galloway Of Sexual Assault Breaks Silence

    WestJet, United Airlines Planes Clip Wings At Vancouver International Airport

    WestJet, United Airlines Planes Clip Wings At Vancouver International Airport

    Terry Chou of the Vancouver Airport Authority says a United Airlines and WestJet (TSX:WJA) plane clipped wings on the tarmac at about 8 a.m. PT.

    WestJet, United Airlines Planes Clip Wings At Vancouver International Airport

    B.C.'s Powerhouse Economy Must Help The 1 In 5 Kids Living In Poverty

    B.C.'s Powerhouse Economy Must Help The 1 In 5 Kids Living In Poverty
     
    The 2016 report from First Call: BC Child and Youth Advocacy Coalition says that number rises to more than 50 per cent of children in single-parent families.

    B.C.'s Powerhouse Economy Must Help The 1 In 5 Kids Living In Poverty

    Suspected Fentanyl-Related Deaths In Regina Prompt Police Warning

    REGINA — Police in Regina have issued a warning to the public about using fentanyl after the painkiller was suspected in the deaths of two people in the city earlier this month.

    Suspected Fentanyl-Related Deaths In Regina Prompt Police Warning