Courtesy of Scotia Bank ef Nov 8/17:
We will provide more details on process impacts and system updates in advance of the implementation date. Some further information to be aware of:
• If a legally binding Purchase and Sale Agreement is dated/signed prior to January 1, 2018, regardless of closing date, the customer will qualify under the old rules.
• If the legally binding Purchase and Sale Agreement is dated/signed on or after January 1, 2018, the customer will have to qualify under the new rules.
All preapprovals that have not converted into a live property specific deal before January 1, 2018 will no longer be valid.
• Property specific commitments for purchase transactions granted before January 1, 2018 will be honoured based on the old rules regardless of closing date. Any amendments to these applications on or after January 1, 2018 will continue to qualify under the old rules as long as the property and the borrower(s) are the same.
• Refinances approved before January 1, 2018 must close within 120 days of the application date to qualify under the old rules.