July 7, 2016 / 1:22 PM / a year ago

Canada bank regulator tightens criteria on mortgage underwriting

TORONTO, July 7 (Reuters) - Canada's banking regulator said on Thursday it has written to lenders to tighten expectations that they engage in prudent underwriting of residential mortgage loans.

The Office of the Superintendent of Financial Institutions said that, with Canadian household debt levels at all-time highs, persistently low interest rates and rapid house price increases in some areas, the prudential risks and vulnerabilities for financial institutions have increased. (Reporting by Matt Scuffham; Editing by Chizu Nomiyama)

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