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by Gibbard Group
April 17, 2014 12:00 AM
The draft is here. A lot of the lenders and high-ratio insurance companies have already implemented a lot of these rule changes but here are some of the main ones:

1) Cash-back mortgages - where the cash back is being used for the down payment - will be no longer allowed on high-ratio mortgages.

2) Focus on consistency of underwriting by lenders - less 'exceptions'

3) Lender's underwriting will be increasingly scrutinized - this means closer attention to every details on the borrower's documents (especially the down payment!)

Here' the link to the draft.

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