Lenders
A Lender
A federally regulated bank, credit union, or trust company that issues prime mortgages to borrowers who meet OSFI's stress-test rules.
An A Lender is a federally regulated mortgage lender — most commonly one of the big six banks (RBC, TD, Scotiabank, BMO, CIBC, National Bank) plus credit unions and major trust companies. A Lenders are subject to OSFI's Guideline B-20, which requires every borrower to qualify at the higher of the contract rate plus 2% or the federal benchmark. Their mortgages are typically the lowest rate available and carry no broker fee — the lender pays the mortgage agent's commission directly.
A Lenders prefer borrowers with verifiable employment income, a credit score of 680 or higher, and a clean credit history. If you don't meet those criteria, an experienced mortgage agent will route you to a B Lender or, in rare cases, a private mortgage.
Source: OSFI Guideline B-20