OSFI B-20

OSFI's B-20 guideline (Residential Mortgage Underwriting Practices and Procedures) is the governing document for how federally regulated Canadian lenders underwrite residential mortgages. B-20 codifies the stress test, Minimum Qualifying Rate, documentation requirements, Loan-to-Value (LTV) limits for HELOCs, and principles for non-traditional mortgages. B-20 applies to federally regulated financial institutions (FRFIs) — all Schedule I and II banks, federally regulated credit unions, and trust companies. Provincially regulated credit unions are not directly subject to B-20 but often adopt equivalent standards.