Mr. Chair, the member is absolutely right in his facts. If you have an insured mortgage and you seek to renew it in an alternate lending institution, you don't have to go through a mortgage stress test or any other underwriting check.
By contrast, if you have an uninsured mortgage, you do, and that is an imbalance. The commissioner of the Competition Bureau and I have spoken about that. From our perspective, our job is to make sure institutions underwrite mortgages safely. One of the core principles of underwriting mortgages is that, when you have a new credit, you do all your underwriting discipline.
In our view, for uninsured mortgages, which guideline B-20 applies to, we ask lenders to underwrite new customers in full. That doesn't apply for insured mortgagors, because they have purchased a mortgage insurance policy.