Important Updates

July 4th, 2017

Under Responsible Lending obligations, brokers are required to have a Requirements and Objectives conversation with clients when discussing mortgage lending needs, to ensure that clients obtain the product(s) that aligns with their needs. As such, starting Tuesday 18 July 2017 , brokers will be required to complete a new question in AOL if a client is applying for an Interest Only loan. Brokers will need to ask their client why they are requesting an Interest Only loan and make the client aware of the features and considerations associated with Interest Only loans. They will also have to note the client’s answers and acknowledgements of the outcomes of an Interest Only loan in AOL.

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