Regulatory Alerts2022-12-14
Added · Updated
Notice 115A Residential Property Loans - Fact Sheet
Direct insurers must provide borrowers with a Fact Sheet detailing key features of credit facilities for residential property purchases or refinancing when discussions are initiated by either party or when key features change. The Fact Sheet must accurately reflect the tenure, interest rate, credit amount, and repayment schedule, and these details must be consistent with the Letter of Offer. For digital channels, insurers must offer borrowers the option to have a representative explain the Fact Sheet and must implement systems to explain risks and terms, while also obtaining specific acknowledgements from borrowers. Acknowledgements must be retained for at least five years after the credit facility is redeemed, refinanced, or restructured, with provisions allowing a co-borrower to sign on behalf of another if authorized in writing.