June 28, 2022 16:02 GMT
Regulator Tightens Rules For Real Estate Secured Lending, But By End 2023
CANADA
- OSFI BRINGS IN COMBINED LOAN PLANS INTO EXISTING HELOC RULES
- CANADA COMBINED-LOAN PLANS NEED TO BE AMORTIZED BEYOND 65% LTV – all bbg
- Combined loan plans (CLPs) have become the predominant uninsured real estate secured lending product, with those >65% LTV accounting for C$204B of the C$1.8T in outstanding residential mortgages. Implementation of the new rules won’t be until Oct 31, 2023 or as late as Dec 31, 2023.
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