Consumer watchdog introduces new guidelines to protect mortgage borrowers at risk of default

said federally regulated financial institutions, such as banks, are expected to contribute to the protection of consumers by providing tailored support to those at risk.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.

The regulator said all available mortgage relief measures should be considered for consumers who experience severe financial stress, including waiving prepayment penalties and internal fees and costs; not charging interest on interest; and extending amortizations for the shortest period of time possible.

Financial institutions are also expected to monitor consumers for early signs of severe financial stress and maintain accurate records of all those contacted for this purpose. Such policies should also cover an assessment to ensure appropriate relief measures are made available and the disclosure of information to the consumer to ensure express consent.

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