The Office of the Superintendent of Financial Institutions floated the proposals in January as part of its wide-ranging review of the B-20 mortgage underwriting rules. It then invited feedback from stakeholders, including those from the banking, mortgage brokering and real estate sectors.
"A key concern raised was the disproportionate impact that new, industry-wide measures could have on smaller institutions with unique business models," the regulator said in the letter, which was posted to its website. But"some of the big initiatives that they had put forward don't look like they're going to actually transpire," said mortgage strategist Robert McLister, who agreed with concerns that tougher loan-to-income restrictions could scale back lending.
"The lenders want flexibility there and that could have materially reduced the number of mortgages that banks could offer more indebted borrowers," said McLister.
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