CMHC Statement: OSFI Guideline B-21 – Residential Mortgage Insurance Underwriting Practices and Procedures

November 6, 2014

Today, the Office of the Superintendent of Financial Institutions (OSFI) released Guideline B-21 Residential Mortgage Insurance Underwriting Practices and Procedures, which outlines principles to support sound mortgage insurance underwriting and guide interactions between mortgage insurers and mortgage lenders.

“CMHC fully supports the measures outlined in B-21 and welcomes any efforts that support and promote the stability of the Canadian housing market and housing finance system,” said Evan Siddall, President of CMHC. “To improve transparency and clarity, CMHC has already adopted many of the insurance practices and procedures consistent with the guideline and we will continue to further enhance our disclosure of information.”