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Why does my mortgage broker want so many documents? We don’t.

Why does the mortgage lender want so many documents? They don’t.

Then why am I being asked for so many documents? Short answer: OSFI. 

The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada reporting to the Minister of Finance created to “contribute to public confidence in the Canadian financial system”.

In other words OSFI's mandate is to ensure lenders have prudent lending practices in place and therefore manage risk. And every year they ask for more documents, tighten the rules and stress us all out a little more but it’s these constant changes that will create a stress event. 

The flow of capital is less. It’s harder to secure financing for your purchase or refinance. Period. So if we ask you for a few more documents than you think are necessary or than you were used to the last time you refinanced, just remember that producing them will be easier than pulling a rabbit out of a hat!