These Regulations apply to:

a. Banks
b. Finance companies
c. Other financial institutions providing mortgage loans

For the purpose of these Regulations banks, finance companies and other financial institutions that provide mortgage loans are collectively referred to as ‘mortgage loan providers’.

These Regulations set minimum standards and regulated financial institutions are encouraged to apply higher standards in order to protect the financial soundness of their business. Nothing in these Regulations prevent mortgage loan providers from adopting more conservative limits in relation to granting mortgage loans where deemed appropriate.