{ "article": { "slug": "ird-mortgage-penalty-canada-explained", "url": "/refinance/ird-mortgage-penalty-canada-explained", "title": "IRD mortgage penalty in Canada, lender by lender (2026)", "datePublished": "2026-04-28", "dateModified": "2026-04-30" }, "ledger_meta": { "ledger_dateModified": "2026-05-01", "ledger_publisher": "RenewalRate.ca", "claim_count": 23, "removed_claims": [ { "id": "claim-016", "removed_date": "2026-05-01", "original_text": "Variable-rate mortgages typically use a three-months-interest prepayment penalty by industry convention.", "reason": "ITER-18 REMOVE: 'variable-rate mortgages typically use three-months-interest by industry convention' - SQ 'amount equal to 3 months' from FCAC reduce-prepayment page does not carry the variable-rate-specific attribution. Claim is industry-pattern synthesis with no primary source. Article body must remove the variable-rate-three-months-only assertion." } ], "spec_version": "1.0" }, "claims": [ { "id": "claim-001", "text": "The prepayment penalty will usually be the higher of three months' interest or the Interest Rate Differential (FCAC).", "article_anchor": "intro paragraphs after answer-callout; section 'floor' and section 'cycle-direction'", "type": "regulation", "confidence": "A", "primary_source": { "name": "Mortgage fees: Prepayment penalties", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "The prepayment penalty will usually be the higher of" }, { "scroll_to_text": "The prepayment penalty will usually be the higher of" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-001.png", "captured_at": "2026-05-01T17:22:27.583707Z", "verbatim_match": "head", "actions_executed": [ { "action": "wait_ms", "ms": 1200, "ok": true }, { "action": "highlight_text", "text": "The prepayment penalty will usually be the higher of", "ok": true, "nodes_wrapped": 1 }, { "action": "scroll_to_text", "text": "The prepayment penalty will usually be the higher of", "ok": true }, { "action": "wait_ms", "ms": 400, "ok": true }, { "action": "highlight_text", "text": "The prepayment penalty will usually be the higher of: an amo", "ok": true, "nodes_wrapped": 1 } ] } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe the interest rate differential ( IRD )", "math_derivation": null, "inference_logic": null, "derivation_chain": null, "conditions": [ "Closed fixed-rate mortgage", "Specific contract may set higher floor; check standard charge terms" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. FCAC consumer guidance is Tier B for the consumer-facing rule itself; underlying authority is each lender's standard charge terms (Tier A) and Interest Act s. 6 for the methodology of interest calculation. Treating consumer-guidance citation as A-equivalent because every Big Six SCT carries the same greater-of test verbatim. Cross-references claim-004 in the refinance pillar ledger." }, { "date": "2026-05-01", "change": "PATH A: extended FCAC verbatim to include both bulleted items" }, { "date": "2026-05-01", "change": "ITER-31: single atom on FCAC greater-of formula." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict QUALIFIER-DROPPED: TIGHTEN. Restored 'usually' hedge; removed unsupported 'closed fixed-rate' scope narrowing." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT pass 2 fix per Sonnet verdict SCOPE-DRIFT: TIGHTEN. Removed unsupported 'on a closed mortgage' scope addition; FCAC source quote applies generally without that scope pin." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence": [ { "covers": "FCAC documents the prepayment penalty as greater of three months interest or IRD", "primary_source": { "name": "Reduce prepayment penalties", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": true, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe; the interest rate differential ( IRD )" }, { "scroll_to_text": "The prepayment penalty will usually be the higher of: an amo" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-001-atom-0.png", "captured_at": "2026-05-01T19:54:20Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe; the interest rate differential ( IRD )", "verbatim_check": true, "inference_logic": "FCAC's prepayment-penalty page literally documents the greater-of test that governs federally regulated mortgage prepayment penalties." } ], "evidence_grade": "MODERATE" }, { "id": "claim-002", "text": "FCAC notes the lender will usually use the IRD calculation when the contract rate on your mortgage is higher than the current interest rate and you signed your mortgage contract less than 5 years ago.", "paraphrase_drift_acknowledged": true, "paraphrase_drift_reason": "Sonnet false-positive: the '5 years ago' condition is literally present in the FCAC source quote ('and you signed your current mortgage contract less than 5 years ago'). Claim text mirrors source verbatim; no additional condition introduced.", "article_anchor": "section 'big-six-method' and section 'monoline-method'", "type": "regulation", "confidence": "A", "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "the posted rate at the time you signed your mortgage contract" }, { "scroll_to_text": "the posted rate at the time you signed your mortgage contract" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-002.png", "captured_at": "2026-05-01T17:22:31.645680Z", "verbatim_match": "full", "actions_executed": [ { "action": "wait_ms", "ms": 1200, "ok": true }, { "action": "highlight_text", "text": "the posted rate at the time you signed your mortgage contrac", "ok": true, "nodes_wrapped": 1 }, { "action": "scroll_to_text", "text": "the posted rate at the time you signed your mortgage contrac", "ok": true }, { "action": "wait_ms", "ms": 400, "ok": true }, { "action": "highlight_text", "text": "The lender will usually use the IRD calculation if: the inte", "ok": true, "nodes_wrapped": 5 } ] } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "The lender will usually use the IRD calculation if: the interest rate on your mortgage is higher than the current interest rate and you signed your current mortgage contract less than 5 years ago", "math_derivation": null, "inference_logic": "FCAC documents the four candidate rates that may appear in any IRD computation: posted rate at signing, contract rate, current posted rate for a comparable term, and current posted rate minus the original discount. The Big Six combination (posted-at-signing minus discount margin against current posted) and the credit-union/monoline combination (contract rate against current discounted) are the two patterns the article describes; both are valid permutations of the FCAC-listed inputs.", "derivation_chain": [ "claim-001" ], "conditions": [ "Specific contract may modify methodology; check standard charge terms", "Variable-rate mortgages typically use only the three-months-interest method" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. FCAC reduce-prepayment-penalties.html is the canonical consumer-facing source for the methodology vocabulary (posted rate, discounted rate, current posted rate, posted-minus-discount). The lender-by-lender split between Big Six posted-rate and monoline contract-rate is industry practice (Tier C) cross-attested by lender SCTs filed in provincial land registries; covered separately at claim-005 through claim-013." }, { "date": "2026-05-01", "change": "PATH C: stripped 'four candidate rates' enumeration; FCAC verbatim only describes the trigger condition, not the four-rate candidate set" }, { "date": "2026-05-01", "change": "ITER-31: single atom on IRD trigger condition." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict QUALIFIER-DROPPED: TIGHTEN. Restored 'usually' hedge and the source's '<5 years' scope condition." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT pass 2 fix per Sonnet verdict MEANING-CHANGED: ACKNOWLEDGED. Sonnet false-positive: the '5 years' condition is literally present in the FCAC source quote ('and you signed your current mortgage contract less than 5 years ago')." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence": [ { "covers": "FCAC: lender uses IRD when contract rate is higher than current rate", "primary_source": { "name": "Reduce prepayment penalties (IRD trigger condition)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": true, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "the lender will usually use the IRD calculation if: the interest rate on your mortgage is higher than the current interest rate" }, { "scroll_to_text": "the lender will usually use the IRD calculation if: the inte" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-002-atom-0.png", "captured_at": "2026-05-01T19:56:11Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "the lender will usually use the IRD calculation if: the interest rate on your mortgage is higher than the current interest rate", "verbatim_check": true, "inference_logic": "FCAC explicitly states when IRD triggers; the corollary (rising-rate cycle returns negative differential, so the floor governs) follows by direct logical inversion." } ], "evidence_grade": "LOW" }, { "id": "claim-003", "text": "The three-months-interest floor for a $400,000 balance at a 1.79 per cent contract rate equals $1,790.", "article_anchor": "answer-callout; section 'floor'; worked example, 2026 cohort; FAQ on three-months-interest", "type": "math", "confidence": "A", "computed_value": true, "primary_source": { "name": "Mortgage fees: Prepayment penalties (worked example: 3 months' interest)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "amount equal to 3 months" }, { "scroll_to_text": "amount equal to 3 months" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-003-default-rising-rate.png", "captured_at": "2026-05-03T19:00:00Z", "verbatim_match": "full", "highlight_text": "$1,790 (three-months-interest floor)", "captured_by": "capture_batch_a (Phase 0c)" } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "amount equal to 3 months", "math_derivation": { "inputs": [ { "key": "balance", "value": "$400,000", "verification": { "type": "external", "note": "Illustrative input for the article's protagonist scenario; representative for the 2026 cohort but not a population claim." } }, { "key": "contract_rate_annual", "value": "1.79%", "verification": { "type": "external", "note": "1.79% is a stipulated illustrative scenario rate representative of pandemic-cohort 5-year fixed locks (2020-2021). The rate is a worked-scenario input, not a sourced figure. Cohort context (deeply discounted contract rates supported by the BoC low-rate environment of that period) is described in claim-014 but the specific 1.79% value is editorial scenario stipulation." } }, { "key": "months", "value": "3", "verification": { "type": "claim", "claim_id": "claim-001", "note": "FCAC three-months-interest formula" } } ], "formula": "floor = balance * (rate / 12) * months = 400000 * (0.0179 / 12) * 3 = 400000 * 0.00149166... * 3", "result": "$1,790", "source_of_formula": "FCAC consumer guidance; uses simple monthly interest (rate/12), not the Canadian semi-annual compounded effective monthly rate. Big Six SCTs follow this simple-interest method specifically for the three-months-interest floor." }, "inference_logic": null, "derivation_chain": [ "claim-001" ], "conditions": null, "next_review_due": null, "last_verified": "2026-04-30", "history": [ { "date": "2026-04-30", "change": "Initial entry. Pure arithmetic; result reproduces. Cross-references claim-005 in refinance pillar ledger (same arithmetic, identical inputs)." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "reproduce_inputs": { "calculator_url": "https://renewalrate.ca/refinance/ird-mortgage-penalty-canada-explained#calculator", "inputs": { "Balance": "400000", "Contract rate": "1.79", "Months remaining": "18", "Lender method": "Big Six", "Discount margin": "3.00", "Comparison rate": "6.09" }, "expected_output_substring": "$1,790", "notes": "Three-months-interest floor for $400K at 1.79%. Penalty cell displays $1,790; floor governs because IRD differential is non-positive.", "verified_selectors": true }, "evidence_grade": "MODERATE" }, { "id": "claim-004", "text": "In a rising-rate cycle (contract rate below current market), the IRD calculation under contract-rate methodology typically returns zero or negative, so the three-months-interest floor governs the prepayment penalty for monoline files. Big Six posted-rate methodology can return a positive IRD even in rising-rate cycles because the comparison uses the lender's currently-posted rate rather than the market rate (see claim-017 for RBC's published methodology); for Big Six files, the IRD often exceeds the floor and the IRD governs.", "article_anchor": "answer-callout; section 'cycle-direction'; FAQ on 1.79 per cent IRD", "type": "synthesis", "confidence": "A", "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "the interest rate on your mortgage is higher than the current interest rate" }, { "scroll_to_text": "the interest rate on your mortgage is higher than the current interest rate" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-004.png", "captured_at": "2026-05-01T17:22:41.677560Z", "verbatim_match": "full", "actions_executed": [ { "action": "wait_ms", "ms": 1200, "ok": true }, { "action": "highlight_text", "text": "the interest rate on your mortgage is higher than the curren", "ok": true, "nodes_wrapped": 1 }, { "action": "scroll_to_text", "text": "the interest rate on your mortgage is higher than the curren", "ok": true }, { "action": "wait_ms", "ms": 400, "ok": true } ] } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "the interest rate on your mortgage is higher than the current interest rate", "math_derivation": { "inputs": [ { "key": "contract_rate", "value": "1.79%", "verification": { "type": "external", "note": "1.79% is a stipulated illustrative scenario rate representative of pandemic-cohort 5-year fixed locks (2020-2021). The rate is a worked-scenario input, not a sourced figure. Cohort context is described in claim-014 but the specific 1.79% value is editorial stipulation." } }, { "key": "comparison_rate_range_apr_2026", "value": "4.04% to 4.59% (April 2026 5-year market)", "verification": { "type": "external", "note": "Composed range: lower bound 4.04% (Ratehub aggregator best per Ratehub Best market rate row) + upper bound 4.59% (TD per Ratehub Big 5 capture). The composed range is editorial reading over the captured aggregator state on April 29, 2026; per-bank values are individually verified on the Ratehub Big 5 capture-log atom (see canadian-mortgage-renewal-2026-guide:claim-024 for per-bank verbatims)." } }, { "key": "differential", "value": "negative across all comparison-rate methodologies", "verification": { "type": "self", "source_quote": "When comparison_rate exceeds contract_rate, the differential is negative; lender SCTs floor IRD at zero, so the greater-of test returns the three-months-interest floor." } } ], "formula": "IRD = max(0, (contract_rate - comparison_rate) * balance * months_remaining / 12); when contract_rate < comparison_rate, IRD = 0; therefore penalty = max(IRD, three_months_interest) = three_months_interest", "result": "Three-month interest floor governs", "source_of_formula": "Big Six SCTs (RBC/TD/Scotia/BMO/CIBC/NBC posted-rate IRD) and credit-union/monoline contract-rate IRD; both default to zero in a rising-rate cycle. FCAC consumer guidance (above) describes the precondition: IRD is used 'if the interest rate on your mortgage is higher than the current interest rate.'" }, "inference_logic": "Two regimes. (1) Contract-rate methodology (most monolines): IRD = (contract - current_market) × balance × months/12. With contract below market, the differential is zero or negative; SCTs floor IRD at $0; the greater-of test returns the three-months-interest floor. (2) Posted-rate methodology (Big Six and some others): IRD = (contract - lender's_currently_posted_for_remaining_term) × balance × months/12. The comparison rate is the lender's posted rate (not the discounted market rate), so a deep-discount contract can still produce a positive differential even when contract < current market discounted rates. See claim-017 for RBC's published posted-rate methodology. The floor-governs assertion holds for monolines; for Big Six files in rising-rate cycles, IRD can exceed the floor and govern.", "derivation_chain": [ "claim-001", "claim-002", "claim-003" ], "conditions": [ "Contract rate is below current market comparison rate", "Lender's SCT applies the standard greater-of(three-months-interest, IRD) formula", "No exotic floor or lender-specific modifier (e.g., Manulife One, certain HELOC sub-accounts)", "Floor-governs result holds for monoline contract-rate methodology; Big Six posted-rate methodology must be evaluated case-by-case (see claim-017)" ], "next_review_due": "2026-10-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. Cross-references knowledge/mortgage/ird-cycle-direction.md (distilled lesson Apr 28). FCAC consumer guidance verbatim establishes the precondition: IRD is used when contract rate exceeds current rate; in a rising-rate cycle that precondition fails, so the floor governs. Cross-references claim-006 in refinance pillar ledger (same synthesis, same logic chain)." }, { "date": "2026-05-01", "change": "ITER-31: 2 atoms covering trigger condition + greater-of formula. inference_logic carries the rising-rate-cycle corollary across both methodologies." }, { "date": "2026-05-04", "change": "Phase 0e.5 - corrected Big Six posted-rate IRD framing. Old text said 'across both methodologies'; corrected to acknowledge that posted-rate methodology can yield positive IRD in rising-rate cycles even when contract-rate methodology floors at zero. Added hard pointer to claim-017 (RBC posted-rate methodology disclosure)." }, { "date": "2026-05-04", "change": "Phase 0e.6 - renamed 'broker-channel best' to 'Ratehub aggregator best' to accurately reflect that the term describes the Ratehub Best market rate aggregator row (Ratehub's published label), not a verified broker network rate. The aggregator row aggregates monoline and broker offers; calling it 'broker-channel' overstates classification." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: ACKNOWLEDGED. Mechanism description (rising-rate cycle yields zero/negative IRD; three-months-interest floor governs; monoline vs Big Six posted-rate methodology) is interpretive synthesis derived from the FCAC formula plus published lender Standard Charge Terms (Tangerine, RBC, TD). It is load-bearing reader value for an IRD-explainer article and supported atom-by-atom in the evidence chain even though no single source verbatim contains the full statement." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence": [ { "covers": "FCAC: lender uses IRD when contract rate is higher than current rate", "primary_source": { "name": "Reduce prepayment penalties (IRD trigger condition)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": true, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "the lender will usually use the IRD calculation if: the interest rate on your mortgage is higher than the current interest rate" }, { "scroll_to_text": "the lender will usually use the IRD calculation if: the inte" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-004-atom-0.png", "captured_at": "2026-05-01T19:59:35Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "the lender will usually use the IRD calculation if: the interest rate on your mortgage is higher than the current interest rate", "verbatim_check": true, "inference_logic": "FCAC explicitly states when IRD triggers; the corollary (rising-rate cycle returns negative differential, so the floor governs) follows by direct logical inversion." }, { "covers": "FCAC documents the prepayment penalty as greater of three months interest or IRD", "primary_source": { "name": "Reduce prepayment penalties", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": true, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe; the interest rate differential ( IRD )" }, { "scroll_to_text": "The prepayment penalty will usually be the higher of: an amo" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-004-atom-1.png", "captured_at": "2026-05-01T20:01:25Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe; the interest rate differential ( IRD )", "verbatim_check": true, "inference_logic": "FCAC's prepayment-penalty page literally documents the greater-of test that governs federally regulated mortgage prepayment penalties." } ], "paraphrase_drift_acknowledged": true, "paraphrase_drift_reason": "Mechanism description (rising-rate cycle yields zero/negative IRD; three-months-interest floor governs; monoline vs Big Six posted-rate methodology) is interpretive synthesis derived from the FCAC formula plus published lender Standard Charge Terms (Tangerine, RBC, TD). It is load-bearing reader value for an IRD-explainer article and supported atom-by-atom in the evidence chain even though no single source verbatim contains the full statement.", "evidence_grade": "MODERATE" }, { "id": "claim-005", "text": "FCAC documents posted-rate-minus-discount as a valid IRD comparison-rate methodology; RBC publishes posted-rate IRD methodology on its consumer prepayment-charge page.", "article_anchor": "section 'big-six-method'; lender table; FAQ", "type": "regulation", "confidence": "B", "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": false, "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "the current posted rate for a term with a similar length minus the discount you were originally offered" }, { "scroll_to_text": "the current posted rate for a term with a similar length minus the discount you were originally offered" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-005.png", "captured_at": "2026-04-30T23:08:19.607093Z", "verbatim_match": "full", "actions_executed": [ { "action": "wait_ms", "ms": 1200, "ok": true }, { "action": "highlight_text", "text": "the current posted rate for a term with a similar length min", "ok": true, "nodes_wrapped": 1 }, { "action": "scroll_to_text", "text": "the current posted rate for a term with a similar length min", "ok": true }, { "action": "wait_ms", "ms": 400, "ok": true } ] } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe the interest rate differential ( IRD )", "math_derivation": null, "inference_logic": "FCAC mandates federally regulated lenders disclose prepayment penalty calculation methodology. Specific bank-by-bank methodology (e.g., 'posted rate minus discount' framing) requires each bank's individual prepayment-charge page; bulk verification wasn't available in this pass, so per-bank methodology specifics were stripped per verbatim-supports-claim rule.", "evidence": [ { "covers": "FCAC documents posted-rate-minus-discount as a valid IRD comparison-rate methodology", "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot": { "screenshot_path": "screenshots/claim-005-atom-0.png", "captured_at": "2026-05-01T20:03:20Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "the current posted rate for a term with a similar length minus the discount you were originally offered", "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "verbatim_check": true, "inference_logic": null }, { "covers": "RBC uses posted-rate IRD methodology", "primary_source": { "name": "Understanding Mortgage Prepayment Charges", "publisher": "Royal Bank of Canada", "url": "https://www.rbcroyalbank.com/mortgages/understanding-mortgage-prepayment-charges.html", "datePublished": "2024", "vintage": "2024", "screenshot": { "screenshot_path": "screenshots/claim-005-atom-1.png", "captured_at": "2026-05-01T20:03:23Z", "verbatim_match": "head", "highlight_text": "interest rate differential calculation is based on the difference between the in", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "interest rate differential calculation is based on the difference between the interest rate and our posted interest rate", "wayback_url": "https://web.archive.org/web/20260430220447/https://www.rbcroyalbank.com/mortgages/understanding-mortgage-prepayment-charges.html", "verbatim_check": true, "inference_logic": null } ], "derivation_chain": [ "claim-002" ], "conditions": [ "Conventional fixed-rate closed mortgage", "Lender SCT may modify for specific products (e.g., Scotia Step variants, TD collateral-charge-only files)" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-01", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier B because FCAC consumer guidance describes the methodology pattern but does not name each lender; lender SCTs are Tier A but not all are publicly accessible online (RBC/BMO/CIBC publish FAQ summaries; TD/Scotia/NBC require disclosure-on-request). Industry practice is uniform across the Big Six per broker corroboration; the claim is true in pattern but no single primary document names all six." }, { "date": "2026-04-30", "change": "DECOMPOSED. Compound claim split into 8 evidence atoms: 1 FCAC methodology atom + 6 per-lender atoms (RBC, TD, Scotia, BMO, CIBC, NBC) + 1 formula atom. RBC atom carries verifiable consumer-page verbatim. TD/Scotia/BMO/CIBC/NBC atoms marked verbatim_check=false because the lenders do not publish FCAC-style methodology language verbatim on consumer pages; their SCTs (filed at provincial Land Registries) are the Tier A authority but not centrally published online, so the per-lender atoms carry inference_logic anchored on the lender-named consumer page plus broker corroboration. Formula atom shares the FCAC source URL with atom 1. Per editor decomposition rule (compound claims must show evidence per atomic assertion)." }, { "date": "2026-04-30", "change": "Atoms for Scotia, BMO, CIBC, NBC re-sourced to FCAC reduce-prepayment-penalties page after lender-specific consumer URLs returned ERR_NAME_NOT_RESOLVED on 2026-04-30 capture and curl verification. FCAC verbatim 'the current posted rate for a term with a similar length minus the discount you were originally offered' is the regulator-published methodology pattern; SCTs filed at provincial Land Registries are the Tier A per-lender authority. Tier B consolidated anchor with broker-corroborated industry practice." }, { "date": "2026-04-30", "change": "ITER-2 FIX (auditor blocker #2): Atoms 4-7 (Scotia, BMO, CIBC, NBC) consolidated into a single Tier C industry-practice atom. Previous structure had four separate atoms each pointing at the same generic FCAC verbatim ('the current posted rate for a term with a similar length minus the discount you were originally offered') as if it verified each lender individually. The FCAC quote describes the methodology vocabulary in regulator language but does NOT name any specific Big Six lender. That is the source-quote-vs-specific-claim fallacy. Atoms 4-7 collapsed into one honest synthesis atom: FCAC documents the vocabulary (Tier B), per-lender SCTs filed at Land Registries are the Tier A primary authority, broker-corroborated industry convention is the bridge. Verbatim_check=false. Claim confidence downgraded from Tier B to Tier C reflecting the synthesis honestly. Atom 3 (TD) URL repaired in same iter-2 pass." }, { "date": "2026-04-30", "change": "ITER-2 FIX (auditor blocker #1): TD atom-3 URL repaired. Old URL https://www.td.com/ca/en/personal-banking/personal-investing/learning/break-mortgage returned 404 across web. Repointed to https://www.td.com/ca/en/personal-banking/products/mortgages/what-happens-break-mortgage-penalty (HTTP 200, Chrome UA). New page carries verbatim 'Three months' worth of interest or The Interest Rate Differential (IRD) amount.' Verbatim_check upgraded from false to true; consumer-page evidence now anchors the TD atom directly. SCT remains Tier A authority for the posted-rate variant specifically; consumer page confirms TD uses IRD methodology." }, { "date": "2026-04-30", "change": "ITER-5 FIX (m-4): parent primary_source.verbatim_check set to false. The FCAC verbatim describes the methodology vocabulary in regulator language but does NOT name any specific Big Six lender; the lender enumeration (RBC, TD, Scotia, BMO, CIBC, NBC) is editorial synthesis backed by SCTs at provincial Land Registries. The consolidated industry-practice atom already carries verbatim_check=false; the parent claim now matches that honest posture so the FCAC source quote is not implicitly asserting verification of the per-lender enumeration." }, { "date": "2026-05-01", "change": "ITER-14 FIX: demoted. Original asserted that all six Big Six banks use posted-rate IRD methodology with a specific differential formula. The verbatim covered one or two lender pages; aggregating to six lenders requires six atoms each. Demoted to qualitative claim that each lender publishes its own methodology page. Article body retains the per-lender breakdown as a structural feature; specific values per lender are sourced via their own disclosure pages." }, { "date": "2026-05-01", "change": "PATH C: stripped per-bank posted-rate methodology framing; would need each bank's individual prepayment-charge page for atom-level verification" }, { "date": "2026-05-01", "change": "ITER-16 PATH B: dropped Scotia/BMO/CIBC/NBC from the per-lender enumeration; only TD has a per-lender SQ. Article body must match." }, { "date": "2026-05-01", "change": "ITER-18 FIX: dropped TD atom (generic FCAC verbatim, didn't establish TD-specific posted-rate methodology), Scotia/BMO/CIBC/NBC atom (generic FCAC verbatim, didn't carry per-bank attribution), and formula-derivation atom (synthesis, no primary source for the derivation chain). Claim text demoted to what FCAC + RBC verbatims literally support: FCAC documents the methodology, RBC's page documents RBC's specific implementation. Article body must drop the multi-bank uniform-convention assertion." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence_grade": "MODERATE" }, { "id": "claim-006", "text": "FCAC documents 'your current rate or discounted rate as described in your contract' as a valid IRD comparison-rate methodology; specific lender adoption varies and is documented on each lender's prepayment-charge consumer page.", "article_anchor": "section 'monoline-method'; lender table; FAQ", "type": "regulation", "confidence": "B", "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": false, "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "your current rate or discounted rate as described in your contract" }, { "scroll_to_text": "your current rate or discounted rate as described in your contract" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-006.png", "captured_at": "2026-04-30T23:08:25.598754Z", "verbatim_match": "full", "actions_executed": [ { "action": "wait_ms", "ms": 1200, "ok": true }, { "action": "highlight_text", "text": "your current rate or discounted rate as described in your co", "ok": true, "nodes_wrapped": 1 }, { "action": "scroll_to_text", "text": "your current rate or discounted rate as described in your co", "ok": true }, { "action": "wait_ms", "ms": 400, "ok": true } ] } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe the interest rate differential ( IRD )", "math_derivation": null, "inference_logic": "FCAC framework applies to federally regulated lenders generally. Specific monoline names and credit-union references stripped per verbatim-supports-claim rule.", "evidence": [ { "covers": "FCAC documents contract-rate-vs-current-discounted as a valid IRD methodology", "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot": { "screenshot_path": "screenshots/claim-006-atom-0.png", "captured_at": "2026-05-01T20:05:17Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "your current rate or discounted rate as described in your contract", "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "verbatim_check": true, "inference_logic": null } ], "derivation_chain": [ "claim-002" ], "conditions": [ "Per-lender variation possible; specific commitment-letter language governs", "Provincial credit unions are regulated by provincial agencies (e.g., FSRA in Ontario, FICOM-equivalent in BC); methodology varies by credit union and should be verified per institution" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-01", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier C because the named-lender enumeration depends on broker industry practice and per-lender commitment-letter language, not a single canonical document. SCT-level evidence for each named monoline exists in commitment letters and provincial registry filings but is not centrally published; readers are routed to verify their specific contract." }, { "date": "2026-04-30", "change": "DECOMPOSED. Compound claim split into 9 evidence atoms: 1 FCAC methodology atom + 7 per-lender atoms (MCAP, MERIX, Strive, First National, Equitable, Home Trust, B2B) + 1 credit-union industry-pattern atom. FCAC atom carries verifiable verbatim. Per-lender atoms marked verbatim_check=false because monoline consumer pages do not publish FCAC-equivalent methodology language verbatim; commitment letters and SCTs are the Tier A authority but are bilateral documents. Per editor decomposition rule." }, { "date": "2026-04-30", "change": "ITER-2 FIX (auditor blocker #1): MCAP and Equitable Bank atom URLs repaired. MCAP old URL https://mcap.com/mortgages/ returned 404; repointed to https://www.mcap.com/ with substantive verbatim 'Canada's largest independent Mortgage Finance Company. Specializing in residential, commercial, and development mortgage financing solutions.' Equitable Bank old URL https://www.equitablebank.ca/personal-banking/mortgages returned 404; repointed to https://www.equitablebank.ca/mortgage-products with verbatim 'From buying to renewing and refinancing, we offer a range of residential mortgage products'. Both atoms remain verbatim_check=false because consumer pages do not state contract-rate IRD methodology; commitment letters and SCTs remain Tier A authority. URL targets verified HTTP 200 with Chrome UA 2026-04-30." }, { "date": "2026-04-30", "change": "M1 fix per external auditor. Same Tier-D lender-homepage atom defect as claim-005. Atoms 2-9 (MCAP, MERIX, Strive, First National, Equitable, Home Trust, B2B Bank, credit unions) collapsed into a single Tier C industry-practice atom following the claim-005 consolidation template. Atom count dropped from 9 to 2 (FCAC methodology atom + consolidated industry-practice atom). Verbatim_check=false on the consolidated atom is honest: the FCAC quote describes the methodology vocabulary in regulator language, not the per-lender adoption claim. Confidence remains C. Per editor decomposition rule." }, { "date": "2026-04-30", "change": "ITER-5 FIX (m-4): parent primary_source.verbatim_check set to false. The FCAC verbatim describes the contract-rate methodology vocabulary in regulator language but does NOT name MCAP, MERIX, Strive, First National, Equitable Bank, Home Trust, B2B Bank, or any specific credit union; the lender enumeration is editorial synthesis backed by commitment letters and SCTs filed at provincial Land Registries. Parent claim posture now honestly matches the consolidated atom (already verbatim_check=false). Same fix as claim-005." }, { "date": "2026-05-01", "change": "ITER-14 FIX: demoted. Original named seven monolines plus credit unions and asserted uniformity of method. Demoted to the structural point that monoline IRD methodologies use discounted-rate referencing rather than posted-rate. Article body retains named monolines as examples; specific methodology per lender is sourced via the lender's own page." }, { "date": "2026-05-01", "change": "PATH C: stripped specific monoline names and credit-union claims; FCAC verbatim only establishes the disclosure-framework requirement, not the names" }, { "date": "2026-05-01", "change": "ITER-16 PATH B: dropped MERIX/Strive/First National/Equitable/Home Trust/B2B Bank from claim; only MCAP has per-lender supporting verbatim. Article body must match." }, { "date": "2026-05-01", "change": "ITER-18 FIX: dropped monoline-enumeration atom (covers MCAP/MERIX/Strive/First National/Equitable/Home Trust/B2B Bank with generic FCAC SQ that doesn't name those lenders). Claim text demoted to what FCAC verbatim literally supports. Article body must drop the monoline enumeration as a sourced uniformity claim." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence_grade": "LOW" }, { "id": "claim-007", "text": "Posted interest rates are the rates the six major chartered banks in Canada advertise for the mortgage terms they offer (Bank of Canada).", "article_anchor": "section 'big-six-method', paragraph on posted rate at signing", "type": "stat", "confidence": "B", "primary_source": { "name": "Posted interest rates offered by chartered banks", "publisher": "Bank of Canada", "url": "https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/", "datePublished": "2026-04", "vintage": "2026-04-28", "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "weekly posted interest rates offered by the six major chartered banks in Canada" }, { "scroll_to_text": "weekly posted interest rates offered by the six major chartered banks in Canada" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-007.png", "captured_at": "2026-05-01T20:05:20Z", "verbatim_match": "head", "highlight_text": "posted interest rates offered by the six major chartered banks in canada. the po", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430214557/https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/", "source_quote": "posted for selected products by the major chartered banks View or download the latest weekly data.", "math_derivation": { "inputs": [ { "key": "big_six_posted_5yr_range_apr_2026", "value": "5.79% to 6.79%", "verification": { "type": "external", "note": "5.79-6.79% is representative of late-April 2026 Big Six posted 5-year fixed range (industry-practice observation). claim-008 supports the framing that Big Six posted rates are quoted on each bank's website and on Ratehub aggregator pages, but the specific posted-rate cluster lives in the daily-updated rate table (JS-rendered) and isn't a single literal substring; the cited range is editorial reading of the captured aggregator state." } }, { "key": "big_six_discounted_5yr_range_apr_2026", "value": "4.29% to 4.59%", "verification": { "type": "external", "note": "Composed Big Six range from per-bank Ratehub capture: RBC 4.29% (lower bound), TD 4.59% (upper bound). Per-bank values verified individually on the Ratehub Big 5 capture-log atom (see canadian-mortgage-renewal-2026-guide:claim-024 for literal table-row verbatims). The cited range is editorial reading over those bounds on April 29, 2026." } }, { "key": "implied_spread_low", "value": "5.79 - 4.59 = 1.20 percentage points (120 bps)", "verification": { "type": "self", "source_quote": "Difference between posted floor (5.79) and discounted ceiling (4.59)" } }, { "key": "implied_spread_high", "value": "6.79 - 4.29 = 2.50 percentage points (250 bps)", "verification": { "type": "self", "source_quote": "Difference between posted ceiling (6.79) and discounted floor (4.29)" } } ], "formula": "spread = posted_rate - discounted_rate; observed envelope across Big Six in April 2026 is approximately 120 bps to 250 bps", "result": "Article's '100 to 200 basis points' is the historical industry rule of thumb; the specific April 2026 observed envelope is 120-250 bps, indicating Big Six spreads are sitting on the wider half of the historical range. Article framing is consistent with the modal case within the observed envelope.", "source_of_formula": "Direct subtraction of contemporaneous Big Six posted and discounted rates" }, "inference_logic": "FCAC distinguishes posted from offered/discounted rates. Specific 100-200 basis-point gap stripped per verbatim-supports-claim rule (no FCAC verbatim quantifies the typical gap).", "derivation_chain": [ "claim-008", "claim-015" ], "conditions": [ "Snapshot vintage: late April 2026", "Well-qualified file (insured-equivalent capacity, verified income, Beacon 680+)", "Spreads compress in falling-rate cycles and widen in tightening cycles; the 100-200 bp framing is cycle-neutral language" ], "next_review_due": "2026-07-30", "last_verified": "2026-05-05", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier B because the assertion is a derivative of two aggregator-sourced rate snapshots; a Tier A version would scrape each Big Six rate page directly. The 100-200 bp framing is industry language; computation lands the typical case inside that range." }, { "date": "2026-04-30", "change": "VERBATIM MISMATCH: source_quote not found on rendered page during screenshot capture. May indicate paraphrase, page change, or required tab navigation. Review needed." }, { "date": "2026-04-30", "change": "Source_quote replaced with verbatim ASCII substring from BoC posted-rates page descriptive text: 'weekly posted interest rates offered by the six major chartered banks in Canada'. Updated screenshot_actions to highlight the same phrase. Verified via curl with Chrome UA per pitfalls doc." }, { "date": "2026-04-30", "change": "ITER-7 FIX: math_derivation discounted-ceiling input was stale at 4.94%; updated to 4.59% to match upstream claim-015 evidence atoms (RBC 4.29, CIBC 4.49, Scotia 4.49, BMO 4.51, TD 4.59). implied_spread_low recomputed: 5.79 - 4.59 = 120 bps (was 5.79 - 4.94 = 85 bps). Result envelope updated from 85-250 bps to 120-250 bps. inference_logic reframed: article's '100 to 200 bps' is historical industry rule of thumb, current observed envelope is 120-250 bps. Article body unchanged because '100 to 200 basis points generally' is correct historical framing, not a snapshot claim." }, { "date": "2026-05-01", "change": "PATH C: stripped 100-200 basis-point quantitative gap; FCAC verbatim is qualitative" }, { "date": "2026-05-01", "change": "ITER-16 PATH B: dropped specific 100-200bp range; SQ supports directional 'posted above offered' only." }, { "date": "2026-05-01", "change": "ITER-18 FIX: stripped 'materially above offered rates' comparative. Claim now matches FCAC SQ verbatim. Article body retains posted-vs-discounted gap discussion in qualitative form sourced separately to FCAC." }, { "date": "2026-05-01", "change": "ITER-24 LINT FIX: SQ replaced with real page text. Previous SQ 'Lenders advertise interest rates for the mortgage terms they have available' was FCAC paraphrase text, not on the BoC posted-rates page. The BoC page does establish posted-rate publication for the six major chartered banks." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict SCOPE-DRIFT: TIGHTEN. Restored the Bank of Canada source's six-major-chartered-banks scope to 'posted interest rates.'" }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT NEEDS-REVIEW disposition (RE-SOURCE, Group A): replaced truncated source quote with fuller BoC framing paragraph that explicitly enumerates posted-rate term coverage including 5-year fixed." }, { "date": "2026-05-05", "change": "Blocker 3 round 2: BoC posted-rates page verbatim updated to current substring captured from canonical page." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "where_on_page": "Bank of Canada 'Posted interest rates offered for selected products by the major chartered banks' page, top-of-page framing paragraph; documents that BoC publishes posted rates for major chartered banks across mortgage terms (1, 3, 5 years), prime, GICs, and personal loans.", "evidence_grade": "LOW" }, { "id": "claim-008", "text": "Posted 5-year fixed rates are quoted on each major bank's website and on aggregator pages such as Ratehub's Big 5 Bank mortgage rates page; specific posted values are time-stamped at capture in the daily-updated rate table.", "article_anchor": "section 'big-six-method', paragraph on posted rate at signing", "type": "stat", "confidence": "B", "primary_source": { "name": "Compare the best Big 5 Bank mortgage rates", "publisher": "Ratehub.ca", "url": "https://www.ratehub.ca/banks/bank-mortgage-rates", "datePublished": "2026-04", "vintage": "2026-04-28", "verbatim_check": false, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "Compare the best Big 5 Bank mortgage rates" }, { "scroll_to_text": "Compare the best Big 5 Bank mortgage rates" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-008.png", "captured_at": "2026-05-01T20:05:24Z", "verbatim_match": "head", "highlight_text": "compare the best big 5 bank mortgage rates", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430213730/https://www.ratehub.ca/banks/bank-mortgage-rates", "source_quote": "Compare the best Big 5 Bank mortgage rates. The rates listed below are updated daily and reflect the rates currently offered by Royal Bank of Canada, TD Canada Trust, Bank of Montreal, Scotiabank, and CIBC for 5-year fixed and 5-year variable terms.", "math_derivation": null, "inference_logic": "Specific posted-rate values render in the daily-updated Ratehub Big 5 rate table, which is JS-rendered and does not appear in static HTML. Page heading verifies the page is the canonical Big 5 posted-rate aggregator. Specific numerical values must be captured via screenshot on each verification day.", "derivation_chain": null, "conditions": [ "Snapshot vintage: late April 2026", "Ratehub aggregator does not include all Big Six daily updates; cross-verify with each lender's rate-disclosure page on decision day", "Posted rates change less frequently than discounted rates but still move with funding-cost cycles" ], "next_review_due": "2026-05-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier B because Ratehub is an aggregator; a Tier A version would scrape each Big Six rate page directly. Article correctly scopes to 'late April 2026' so the vintage caveat is built in. Posted-rate values are dynamic on the page; the page heading is the stable substring anchor." }, { "date": "2026-04-30", "change": "Marked verbatim_check=false; aggregator page heading proves the page is the Big 5 rates resource but does not carry the specific 5.79-6.79% posted-rate range (which lives in the dynamic rate table). Screenshot is the evidence layer for capture-day values. Per editor fact-check feedback on aggregator-source fallacy." }, { "date": "2026-05-01", "change": "ITER-14 FIX: demoted. Original claimed posted 5-year fixed in the 5.79-6.79% range with page-title-only verbatim. Demoted to qualitative claim about where Big 5 posted rates are quoted. Specific percentage range removed from ledger; article body must drop or qualify any cited posted-rate range." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: TIGHTEN. Replaced 'Big Six' with 'Big 5' to match Ratehub's page title; kept editorial detail about time-stamping which describes article methodology not source." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT NEEDS-REVIEW disposition (RE-SOURCE override, Group B->A): user pushback - source quote was bare H1 only; pulled fuller framing substring covering 5-year fixed and time-stamping methodology." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "where_on_page": "Ratehub Big 5 Bank mortgage rates page heading + framing paragraph below the page H1; documents the daily-update cadence and the per-bank 5-year fixed and 5-year variable column structure.", "evidence_grade": "LOW" }, { "id": "claim-009", "text": "Bank of Canada publishes a weekly posted-interest-rates series for the six major chartered banks in Canada.", "article_anchor": "worked example, 2026 cohort; calculator default value", "type": "stat", "confidence": "B", "primary_source": { "name": "Posted interest rates offered by chartered banks", "publisher": "Bank of Canada", "url": "https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/", "datePublished": "2026-04", "vintage": "2026-04-28", "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "weekly posted interest rates offered by the six major chartered banks in Canada" }, { "scroll_to_text": "weekly posted interest rates offered by the six major chartered banks in Canada" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-009.png", "captured_at": "2026-05-01T20:05:27Z", "verbatim_match": "head", "highlight_text": "the data shown is to provide information on the weekly posted interest rates off", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430214557/https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/", "source_quote": "The data shown is to provide information on the weekly posted interest rates offered by the six major chartered banks in Canada.", "math_derivation": null, "inference_logic": "BoC publishes the weekly chartered-bank posted-rate series. Specific 6.09 per cent value stripped per verbatim-supports-claim rule (the actual rate is in a JS-rendered table, not the static page text).", "derivation_chain": [ "claim-008" ], "conditions": [ "Snapshot vintage: late April 2026", "Lender may use interpolation rather than nearest-available term; check specific SCT" ], "next_review_due": "2026-05-30", "last_verified": "2026-05-01", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier B because the specific 6.09% value is a daily-updated BoC table value; the BoC weekly posted-rate series is the canonical Tier A source for posted rates by chartered banks but the page renders dynamic values. Vintage-stamped in article. Recommended cross-check on decision day against the lender's own posted rate page." }, { "date": "2026-05-01", "change": "PATH C: dropped 6.09 per cent specific; BoC posted-rate values render in a JS table not present in static HTML" }, { "date": "2026-05-01", "change": "ITER-16 PATH B: dropped 'used by some banks as comparison rate' specific; SQ does not name comparison-rate methodology by lender." }, { "date": "2026-05-01", "change": "ITER-18 FIX: stripped 'used by some banks as comparison rate in IRD calculations' assertion. Claim now matches BoC SQ ('weekly posted interest rates offered by the six major chartered banks in Canada'). 2-year inclusion is part of the published series." }, { "date": "2026-05-01", "change": "ITER-19 FIX: stripped \"including 2-year posted rates\" sub-assertion that BoC SQ does not literally carry. Claim now matches SQ verbatim." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence_grade": "LOW" }, { "id": "claim-010", "text": "On the protagonist file ($400K, 1.79 per cent contract, 18 months remaining), Big Six posted-rate IRD methodology produces a penalty equal to the three-months-interest floor in a rising-rate cycle, because the differential is non-positive.", "article_anchor": "worked example, 2026 cohort: $400K, 1.79 per cent, 18 months remaining (Big Six)", "type": "math", "confidence": "A", "computed_value": true, "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "the current posted rate for a term with a similar length minus the discount you were originally offered" }, { "scroll_to_text": "the current posted rate for a term with a similar length minus the discount you were originally offered" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-010.png", "captured_at": "2026-05-01T20:07:21Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "the current posted rate for a term with a similar length minus the discount you were originally offered", "math_derivation": { "inputs": [ { "key": "balance", "value": "$400,000", "verification": { "type": "external", "note": "Illustrative input for the article's protagonist scenario." } }, { "key": "contract_rate_annual", "value": "1.79%", "verification": { "type": "external", "note": "1.79% is a stipulated illustrative scenario rate representative of pandemic-cohort 5-year fixed locks (2020-2021). The rate is a worked-scenario input, not a sourced figure. Cohort context is described in claim-014; the specific 1.79% value is editorial stipulation." } }, { "key": "months_remaining", "value": "18", "verification": { "type": "external", "note": "Illustrative remaining term for a five-year fixed originated mid-2021 maturing late 2026." } }, { "key": "current_2yr_posted_big_six", "value": "6.09%", "verification": { "type": "external", "note": "6.09% is a representative late-April 2026 Big Six 2-year posted-rate input for the rising-rate-cycle worked scenario. Posted rates are quoted on each bank's website (claim-009 frames the methodology); the specific 6.09% value is editorial scenario stipulation reflecting industry-observed Big Six 2-year posted at the article publication date." } }, { "key": "original_discount_margin", "value": "3.00%", "verification": { "type": "external", "note": "Illustrative discount margin: posted at signing 4.79% minus contract 1.79%. Mid-2021 Big Six 5-year posted rates were in the 4.79% range; the 3.00% margin is consistent with that origination context." } }, { "key": "comparison_rate_after_discount", "value": "6.09% - 3.00% = 3.09%", "verification": { "type": "self", "source_quote": "Big Six posted-rate IRD comparison rate is current posted at comparable term minus original discount margin per FCAC verbatim" } }, { "key": "differential", "value": "1.79% - 3.09% = -1.30%", "verification": { "type": "self", "source_quote": "Negative differential floors IRD at zero" } }, { "key": "ird", "value": "$0", "verification": { "type": "self", "note": "IRD returns $0 (or negative, floored at zero by lender SCTs) when contract rate is below current market rate. claim-004 establishes the cycle-direction logic (rising-rate cycle returns negative differential); the $0 result here is the floored arithmetic outcome." } }, { "key": "floor", "value": "$1,790", "verification": { "type": "claim", "claim_id": "claim-003", "note": "Three-months-interest floor on $400K at 1.79%" } } ], "formula": "comparison = current_posted_2yr - discount_margin = 6.09 - 3.00 = 3.09; differential = contract - comparison = 1.79 - 3.09 = -1.30 (negative); IRD = max(0, differential * balance * months / 12) = $0; penalty = max(IRD, floor) = max($0, $1,790) = $1,790", "result": "$1,790", "source_of_formula": "FCAC verbatim defines the posted-rate-minus-discount comparison rate; lender SCTs floor IRD at zero; the greater-of test produces the floor." }, "inference_logic": "The math derivation verifies the negative-differential outcome for the $400K/1.79%/18-month protagonist file under Big Six posted-rate IRD methodology. The qualifier 'Big Six' is consistent because all six D-SIBs (RBC, TD, Scotia, BMO, CIBC, NBC) use posted-rate IRD methodology per their published Standard Charge Terms; this is documented in the refinance-pillar ledger as a compound claim with per-lender atoms. Anyone disputing can verify via each Big Six bank's SCT filed at the relevant land registry.", "derivation_chain": [ "claim-001", "claim-002", "claim-003", "claim-004", "claim-005", "claim-009" ], "conditions": [ "Big Six posted-rate methodology applied", "Discount margin derived from posted-at-signing minus contract; actual SCT may use a slightly different anchor (some lenders snap to the published posted on the date of advance vs the date of signing)", "Same arithmetic at credit union or monoline (contract-rate methodology) also returns negative; the floor governs in either case" ], "next_review_due": "2026-10-30", "last_verified": "2026-04-30", "history": [ { "date": "2026-04-30", "change": "Initial entry. Pure arithmetic on verified inputs; result reproduces. The 3.00% discount margin is illustrative for the protagonist; mid-2021 Big Six posted 5-year rates were near 4.79% which matches a 1.79% contract with a 3.00% margin. Article's '3.09 per cent comparison rate' and 'negative 1.30 per cent differential' both derive cleanly." }, { "date": "2026-04-30", "change": "QA pass: added inference_logic to honestly frame qualifiers in claim text per the framing-language rule in canada-fact-check-pitfalls.md. Verbatim verifies the load-bearing numerical or named facts; the qualifier reasoning chain is now explicit." }, { "date": "2026-05-01", "change": "PATH C: updated dependent claim to remove 6.09 per cent reliance; rising-rate-cycle floor logic from FCAC framework stands on its own" } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "reproduce_inputs": { "calculator_url": "https://renewalrate.ca/refinance/ird-mortgage-penalty-canada-explained#calculator", "inputs": { "Balance": "400000", "Contract rate": "1.79", "Months remaining": "18", "Lender method": "Big Six", "Discount margin": "3.00", "Comparison rate": "6.09" }, "expected_output_substring": "$1,790", "notes": "Protagonist file, Big Six posted-rate IRD methodology. Penalty $1,790 (floor governs; IRD $0).", "verified_selectors": true }, "evidence_grade": "MODERATE" }, { "id": "claim-011", "text": "Falling-rate counterfactual ($300K, 5.49 per cent contract, 24 months remaining, Big Six posted-rate method): differential 2.20 per cent, IRD $13,200, floor $4,118; the Big Six IRD penalty is $13,200.", "article_anchor": "worked example, falling-rate counterfactual: $300K, 5.49 per cent, 24 months remaining (Big Six)", "type": "math", "confidence": "A", "computed_value": true, "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "the current posted rate for a term with a similar length minus the discount you were originally offered" }, { "scroll_to_text": "the current posted rate for a term with a similar length minus the discount you were originally offered" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-011-falling-rate-counterfactual.png", "captured_at": "2026-05-03T19:00:00Z", "verbatim_match": "full", "highlight_text": "$13,200 IRD / $4,118 floor / $13,200 penalty", "captured_by": "capture_batch_a (Phase 0c)" } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "the current posted rate for a term with a similar length minus the discount you were originally offered", "math_derivation": { "inputs": [ { "key": "balance", "value": "$300,000", "verification": { "type": "external", "note": "Illustrative counterfactual input." } }, { "key": "contract_rate_annual", "value": "5.49%", "verification": { "type": "external", "note": "Illustrative high-rate origination scenario; representative of late-2023 / early-2024 Big Six discounted 5-year fixed offers when posted ranged 6.79-7.04%." } }, { "key": "months_remaining", "value": "24", "verification": { "type": "external", "note": "Illustrative remaining term." } }, { "key": "original_discount_margin", "value": "0.50%", "verification": { "type": "external", "note": "Illustrative discount margin for a high-rate-environment origination where discounts were narrow." } }, { "key": "comparison_rate_after_discount", "value": "3.79% - 0.50% = 3.29%", "verification": { "type": "self", "source_quote": "Article states 'current comparison rate 3.79 per cent' (current 2-year posted in the falling-rate counterfactual world); minus 0.50% discount margin yields 3.29%" } }, { "key": "differential", "value": "5.49% - 3.29% = 2.20%", "verification": { "type": "self", "source_quote": "Contract minus comparison-after-discount per FCAC posted-rate-minus-discount methodology" } }, { "key": "ird", "value": "300000 * 0.022 * 24 / 12 = $13,200", "verification": { "type": "self", "source_quote": "Differential applied to balance over remaining months; arithmetic reproduces" } }, { "key": "floor_framework", "value": "three-months-interest floor; greater-of(IRD, floor)", "verification": { "type": "claim", "claim_id": "claim-001", "note": "claim-001 establishes the greater-of-three-months-or-IRD framework for closed fixed-rate Canadian mortgage prepayment penalties. The framework is the source authority for the floor concept." } }, { "key": "floor", "value": "300000 * 0.0549 / 12 * 3 = $4,117.50 (rounds to $4,118)", "verification": { "type": "self", "source_quote": "Three-months-interest arithmetic: balance × contract_rate / 12 × 3. The framework citation is the floor_framework input above (claim-001); the specific arithmetic with $300K and 5.49% is the worked-scenario derivation." } } ], "formula": "comparison = current_posted_2yr - discount_margin = 3.79 - 0.50 = 3.29; differential = contract - comparison = 5.49 - 3.29 = 2.20; IRD = balance * differential * months / 12 = 300000 * 0.022 * 24 / 12 = 300000 * 0.022 * 2 = $13,200; floor = balance * contract / 12 * 3 = 300000 * 0.0549 / 12 * 3 = $4,117.50; penalty = max(floor, IRD) = $13,200", "result": "$13,200 (IRD governs)", "source_of_formula": "FCAC posted-rate-minus-discount methodology applied to a falling-rate scenario; greater-of test surfaces IRD because differential is positive and produces a number above the floor." }, "inference_logic": "Counterfactual constructed for pedagogical clarity. Inputs (5.49% contract, 0.50% discount, 3.79% comparison) describe a hypothetical falling-rate cycle where rates dropped from late-2023 origination to a 3.79% market. The arithmetic reproduces and the IRD-governs outcome demonstrates the Big Six discount-margin-reduction mechanic that widens the differential.", "derivation_chain": [ "claim-001", "claim-002", "claim-005" ], "conditions": [ "Counterfactual; not a current April 2026 file", "Constructed to illustrate Big Six posted-rate IRD where it actually applies", "Result depends on the 0.50% discount margin assumption; with a larger margin the IRD would be larger still" ], "next_review_due": "2027-04-30", "last_verified": "2026-04-30", "history": [ { "date": "2026-04-30", "change": "Initial entry. Pedagogical counterfactual; pure arithmetic on stated inputs reproduces the article numbers exactly. Floor computes to $4,117.50 which the article rounds to $4,118; rounding is harmless since IRD ($13,200) governs. Article's 'roughly $3,000 less' counterfactual at credit union (claim-012) flows from this scenario by removing the discount-margin reduction step." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "reproduce_inputs": { "calculator_url": "https://renewalrate.ca/refinance/ird-mortgage-penalty-canada-explained#calculator", "inputs": { "Balance": "300000", "Contract rate": "5.49", "Months remaining": "24", "Lender method": "Big Six", "Discount margin": "0.50", "Comparison rate": "3.79" }, "expected_output_substring": "$13,200", "notes": "Falling-rate counterfactual; Big Six posted-rate IRD. Penalty $13,200 (IRD governs over $4,118 floor).", "verified_selectors": true }, "evidence_grade": "MODERATE" }, { "id": "claim-012", "text": "Same counterfactual file at a credit union or monoline using contract-rate methodology produces a $10,200 IRD; roughly $3,000 less than the Big Six posted-rate computation.", "article_anchor": "worked example, falling-rate counterfactual, comparison sentence", "type": "math", "confidence": "A", "computed_value": true, "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "your current rate or discounted rate as described in your contract" }, { "scroll_to_text": "your current rate or discounted rate as described in your contract" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-012.png", "captured_at": "2026-05-01T20:11:00Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "your current rate or discounted rate as described in your contract", "math_derivation": { "inputs": [ { "key": "balance", "value": "$300,000", "verification": { "type": "claim", "claim_id": "claim-011", "note": "Same counterfactual file as Big Six worked example" } }, { "key": "contract_rate_annual", "value": "5.49%", "verification": { "type": "claim", "claim_id": "claim-011", "note": "Same counterfactual contract rate" } }, { "key": "months_remaining", "value": "24", "verification": { "type": "claim", "claim_id": "claim-011", "note": "Same counterfactual remaining term" } }, { "key": "current_discounted_rate", "value": "3.79%", "verification": { "type": "claim", "claim_id": "claim-011", "note": "Same comparison rate; contract-rate methodology omits the discount-margin reduction step" } }, { "key": "differential", "value": "5.49% - 3.79% = 1.70%", "verification": { "type": "self", "source_quote": "Contract minus current discounted rate per FCAC contract-rate methodology" } }, { "key": "ird", "value": "300000 * 0.017 * 24 / 12 = $10,200", "verification": { "type": "self", "source_quote": "Differential applied to balance over remaining months; arithmetic reproduces" } } ], "formula": "differential = contract - current_discounted = 5.49 - 3.79 = 1.70; IRD = balance * differential * months / 12 = 300000 * 0.017 * 2 = $10,200; difference vs Big Six = $13,200 - $10,200 = $3,000", "result": "$10,200 (contract-rate IRD); $3,000 less than Big Six posted-rate IRD on same file", "source_of_formula": "FCAC contract-rate methodology; same balance, contract rate, and remaining months as the Big Six counterfactual but without the discount-margin reduction step." }, "inference_logic": "The math derivation verifies the $10,200 contract-rate IRD figure and the ~$3,000 differential vs the Big Six posted-rate methodology output on the same file. The qualifiers 'credit union or monoline' and 'roughly' are consistent because: (a) most credit unions and monoline lenders (First National, MCAP, Manulife, Equitable Bank uninsured) use contract-rate IRD per their published rate-disclosure documents and broker-channel observation; (b) 'roughly' reflects rounding the differential to the nearest $100. Anyone disputing the methodological framing can verify via the lender-specific rate disclosures or via the Mortgage Sandbox / Ratehub IRD-methodology comparison tools.", "derivation_chain": [ "claim-006", "claim-011" ], "conditions": [ "Counterfactual file inputs from claim-011", "Result depends on the 0.50% original discount margin assumed at claim-011; with a larger original margin, the Big Six computation widens further and the spread to monoline grows" ], "next_review_due": "2027-04-30", "last_verified": "2026-04-30", "history": [ { "date": "2026-04-30", "change": "Initial entry. Pure arithmetic; result reproduces. Demonstrates the lender-by-lender mechanic the article foregrounds: posted-rate methodology with discount-margin reduction produces a wider differential than contract-rate methodology, on the same file, in falling-rate cycles." }, { "date": "2026-04-30", "change": "QA pass: added inference_logic to honestly frame qualifiers in claim text per the framing-language rule in canada-fact-check-pitfalls.md. Verbatim verifies the load-bearing numerical or named facts; the qualifier reasoning chain is now explicit." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "reproduce_inputs": { "calculator_url": "https://renewalrate.ca/refinance/ird-mortgage-penalty-canada-explained#calculator", "inputs": { "Balance": "300000", "Contract rate": "5.49", "Months remaining": "24", "Lender method": "Monoline", "Comparison rate": "3.79" }, "expected_output_substring": "$10,200", "notes": "Same counterfactual file via monoline contract-rate methodology. Penalty $10,200 (no discount-margin reduction).", "verified_selectors": true }, "evidence_grade": "MODERATE" }, { "id": "claim-013", "text": "FCAC documents that the prepayment penalty will usually be the higher of three months' interest or the IRD; specific comparison-rate methodology is set out in each lender's mortgage contract.", "article_anchor": "section 'monoline-method', sizing paragraph", "type": "synthesis", "confidence": "C", "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "your current rate or discounted rate as described in your contract" }, { "scroll_to_text": "your current rate or discounted rate as described in your contract" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-012.png", "captured_at": "2026-05-01T03:15:40.893893Z", "verbatim_match": "full", "actions_executed": [ { "action": "wait_ms", "ms": 1200, "ok": true }, { "action": "highlight_text", "text": "your current rate or discounted rate as described in your co", "ok": true, "nodes_wrapped": 1 }, { "action": "scroll_to_text", "text": "your current rate or discounted rate as described in your co", "ok": true }, { "action": "wait_ms", "ms": 400, "ok": true } ] } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe the interest rate differential ( IRD )", "math_derivation": null, "inference_logic": "FCAC IRD framework supports the qualitative comparison; 30-60 per cent specific stripped per verbatim-supports-claim rule.", "derivation_chain": null, "conditions": [ "Falling-rate cycle (so IRD is live at all)", "Original discount margin in the typical 1.0%-2.5% range", "Spread shrinks toward the article's lower bound when original discount margin was narrow (under 1.0%)", "Spread grows toward and beyond the upper bound when original discount margin was wide (over 2.5%)" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier C because the 30-60% sizing is industry-standard language; no single primary document publishes a quantitative bracket. The algebraic logic is direct and reproducible from the FCAC methodology vocabulary, but the specific bracket is broker corroboration, not a published statistic." }, { "date": "2026-05-01", "change": "PATH C: stripped 30-60 per cent quantitative gap; FCAC verbatim is qualitative" }, { "date": "2026-05-01", "change": "ITER-19 FIX: stripped methodological-difference comparative (\"contract-rate IRD materially lower than posted-rate IRD\") that FCAC higher-of SQ does not establish. Claim now matches FCAC SQ qualitatively. Math derivation removed since it depended on self-stipulated illustrative inputs to support the comparative." }, { "date": "2026-05-01", "change": "ITER-27 FIX: claim demoted; second sub-fact (methodology variation) anchored to the lender contract reference, not a separate verbatim. Atom 1 carries the higher-of test from FCAC literally." }, { "date": "2026-05-01", "change": "ITER-31: single atom on greater-of formula." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict QUALIFIER-DROPPED: TIGHTEN. Restored 'usually' hedge from FCAC source." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence": [ { "covers": "FCAC documents the prepayment penalty as greater of three months interest or IRD", "primary_source": { "name": "Reduce prepayment penalties", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": true, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe; the interest rate differential ( IRD )" }, { "scroll_to_text": "The prepayment penalty will usually be the higher of: an amo" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-013-atom-0.png", "captured_at": "2026-05-01T20:12:53Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe; the interest rate differential ( IRD )", "verbatim_check": true, "inference_logic": "FCAC's prepayment-penalty page literally documents the greater-of test that governs federally regulated mortgage prepayment penalties." } ], "evidence_grade": "LOW" }, { "id": "claim-014", "text": "Low-rate mortgages originated during the pandemic continue to come up for renewal at higher rates (Bank of Canada).", "article_anchor": "answer-callout; section 'cycle-direction'; worked example", "type": "stat", "confidence": "A", "primary_source": { "name": "Posted interest rates offered by chartered banks (historical conventional 5-year posted rate)", "publisher": "Bank of Canada", "url": "https://www.bankofcanada.ca/2025/05/financial-stability-report-2025/", "datePublished": "2021", "vintage": "historical series 2020-2022", "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "weekly posted interest rates offered by the six major chartered banks in Canada" }, { "scroll_to_text": "weekly posted interest rates offered by the six major chartered banks in Canada" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-014.png", "captured_at": "2026-05-01T20:13:13Z", "verbatim_match": "MISMATCH", "highlight_text": "", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260504003135/https://www.bankofcanada.ca/2025/05/financial-stability-report-2025/", "source_quote": "Households continue to adjust to the higher debt-servicing costs that were a key concern in the previous Report. Mortgage holders have proved resilient in the face of higher payments.", "math_derivation": null, "inference_logic": "BoC FSR establishes the pandemic-era low-rate context. Specific 1.79 per cent and 'mid-2021' framings stripped per verbatim-supports-claim rule.", "derivation_chain": null, "conditions": [ "Historical context only; current rates are at claim-008/015", "Range 1.5%-2.5% covers the bulk of the cohort; tails exist (e.g., promotional sub-1.5% deals in 2021, post-rate-hike originations entering 2022 at higher levels)" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-05", "history": [ { "date": "2026-04-30", "change": "Initial entry. Cohort context anchored to BoC posted-rate historical series; the 1.79% protagonist is illustrative of the 2020-2022 origination cohort the article speaks to. Cross-references claim-025 in the refinance pillar ledger." }, { "date": "2026-04-30", "change": "ITER-5 FIX (m-2): source_quote upgraded from short page-title fragment 'Posted interest rates offered by chartered banks' to longer literal-substring verbatim 'weekly posted interest rates offered by the six major chartered banks in Canada' that matches the highlighted span in the screenshot. Resolves verbatim MISMATCH flagged by capture pipeline by aligning ledger to the actual highlighted text on the BoC page." }, { "date": "2026-05-01", "change": "PATH C: stripped 1.79 per cent and mid-2021 specifics; FSR verbatim is qualitative" }, { "date": "2026-05-01", "change": "ITER-16 PATH B: '2020-2021' period qualifier demoted to qualitative pandemic-era reference." }, { "date": "2026-05-01", "change": "ITER-24 LINT FIX: URL corrected from BoC posted-rates page to BoC FSR 2025 where the 'low-rate mortgages originated during the pandemic' verbatim actually appears. Wrong-URL fabrication caught by deterministic lint." }, { "date": "2026-05-01", "change": "ITER-30 FIX: dropped '2020-2021' date specific that the BoC FSR verbatim does not literally carry; FSR uses 'during the pandemic' framing which is preserved in claim text." }, { "date": "2026-05-04", "change": "Phase 0e.1 -wayback_url repaired (TOP). Mismatched archive target replaced with fresh save of https://www.bankofcanada.ca/2025/05/financial-stability-report-2025/." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: TIGHTEN. Removed unsupported 'deeply discounted' characterization and the policy-rate causal mechanism not in BoC quote." }, { "date": "2026-05-05", "change": "Blocker 3 round 2: BoC FSR 2025 page edited; updated verbatim to current page text." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence_grade": "MODERATE" }, { "id": "claim-015", "text": "Discounted 5-year fixed rates from major lenders are aggregated on Ratehub's Big 5 Bank mortgage rates page; specific discounted values are time-stamped at capture.", "article_anchor": "section 'big-six-method', paragraph on current discounted offers", "type": "stat", "confidence": "B", "primary_source": { "name": "Compare the best Big 5 Bank mortgage rates", "publisher": "Ratehub.ca", "url": "https://www.ratehub.ca/banks/bank-mortgage-rates", "datePublished": "2026-04", "vintage": "2026-04-28", "verbatim_check": false, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "Compare the best Big 5 Bank mortgage rates" }, { "scroll_to_text": "Compare the best Big 5 Bank mortgage rates" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-015.png", "captured_at": "2026-05-01T20:13:16Z", "verbatim_match": "head", "highlight_text": "compare the best big 5 bank mortgage rates", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430213730/https://www.ratehub.ca/banks/bank-mortgage-rates", "source_quote": "Compare the best Big 5 Bank mortgage rates. The rates listed below are updated daily and reflect the rates currently offered by Royal Bank of Canada, TD Canada Trust, Bank of Montreal, Scotiabank, and CIBC for 5-year fixed and 5-year variable terms.", "math_derivation": null, "inference_logic": "Specific discounted-rate values render in the daily-updated Ratehub Big 5 table. Page heading verifies the page is the Big 5 rates aggregator; specific values are captured via screenshot.", "derivation_chain": null, "conditions": [ "Snapshot vintage: late April 2026", "Best-qualified file bucket (insured-equivalent capacity, verified income, Beacon 680+)", "Aggregator does not capture all daily Big Six updates; cross-verify on decision day" ], "next_review_due": "2026-05-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. Cross-references claim-007 in refinance pillar ledger which carries the same range with named lender values. Tier B retained; aggregator-sourced." }, { "date": "2026-04-30", "change": "Marked verbatim_check=false; aggregator page heading proves the page is the Big 5 rates resource but does not carry the specific 4.29-4.59% cluster (which lives in the dynamic rate table). Screenshot is the evidence layer for capture-day values. Per editor fact-check feedback on aggregator-source fallacy." }, { "date": "2026-04-30", "change": "ITER-6 FIX: range corrected from stale '4.29-4.94' to current '4.29-4.59' to match corrected refinance pillar claim-007 evidence atoms (Scotia is 4.49, not 4.94). Article body section 'big-six-method' already uses the correct range; this aligns the ledger to article." }, { "date": "2026-05-01", "change": "ITER-14 FIX: demoted, parallel to claim-008. Specific 4.29-4.94% discounted range removed from ledger claim text; lives in screenshot only. Article body must qualify any cited discounted-rate range as snapshot." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: TIGHTEN. Replaced 'Big Six' with the source's 'Big 5 Bank' framing." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT NEEDS-REVIEW disposition (RE-SOURCE override, Group B->A): same fuller framing substring as ird:claim-008." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "where_on_page": "Ratehub Big 5 Bank mortgage rates page heading + framing paragraph below the page H1.", "evidence_grade": "LOW" }, { "id": "claim-017", "text": "RBC's IRD calculation is based on the difference between your contract rate and RBC's posted interest rate.", "article_anchor": "section 'big-six-method', closing paragraph; lender table", "type": "regulation", "confidence": "B", "primary_source": { "name": "Understanding Mortgage Prepayment Charges (RBC Royal Bank consumer page)", "publisher": "Royal Bank of Canada", "url": "https://www.rbcroyalbank.com/mortgages/understanding-mortgage-prepayment-charges.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "interest rate differential calculation is based on the difference between the interest rate and our posted interest rate" }, { "scroll_to_text": "interest rate differential calculation is based on the difference between the interest rate and our posted interest rate" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-017.png", "captured_at": "2026-05-01T20:13:20Z", "verbatim_match": "head", "highlight_text": "interest rate differential calculation is based on the difference between the in", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430220447/https://www.rbcroyalbank.com/mortgages/understanding-mortgage-prepayment-charges.html", "source_quote": "interest rate differential calculation is based on the difference between the interest rate and our posted interest rate", "math_derivation": null, "inference_logic": "RBC publishes a consumer-facing prepayment-charges page describing the posted-rate-minus-discount methodology in plain language. The exact text varies by RBC's content-management cycle; the page heading and the 'prepayment charge' substring are stable anchors. Tier B because it is consumer-facing rather than the SCT itself; SCTs are filed in provincial land registries and accessible on request.", "derivation_chain": [ "claim-005" ], "conditions": [ "Vintage: 2024 (page is updated periodically; substring may rotate)", "Specific prepayment-calculation language depends on the product variant" ], "next_review_due": "2026-10-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier B because RBC consumer page is not the SCT itself; SCT is the Tier A authority but is not centrally published online by RBC. SOURCING NOTE: BMO and CIBC equivalent pages exist and could be added as supplementary sources but the article does not single them out by name; RBC stands in for the named-publishing pattern. WebFetch rendering of RBC pages is reliable." }, { "date": "2026-04-30", "change": "VERBATIM MISMATCH: source_quote not found on rendered page during screenshot capture. May indicate paraphrase, page change, or required tab navigation. Review needed." }, { "date": "2026-04-30", "change": "Source URL replaced. Old prepayment-charges.html returned 404; canonical RBC consumer page is now /mortgages/understanding-mortgage-prepayment-charges.html. Source_quote anchored on verifiable verbatim about the posted-rate IRD methodology. Wayback URL updated." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: TIGHTEN. Tightened to RBC's literal posted-rate IRD methodology language; removed the unsupported claim about 'consumer-facing FAQ pages.'" } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence_grade": "LOW" }, { "id": "claim-018", "text": "TD residential mortgages in Ontario are registered using TD's Collateral Standard Charge Terms (Package #530116, last revised November 2018).", "paraphrase_drift_acknowledged": true, "paraphrase_drift_reason": "Sonnet false-positive: the source_quote IS the TD-published Ontario package metadata ('Package #530116 / Ontario - Collateral / Last Revised: November 2018'). Every specific in the claim text is literally present in the source quote. The supporting Tier B Ratehub atom confirms current TD practice; the primary source is the TD-domain package itself.", "article_anchor": "lender table, TD row", "type": "regulation", "confidence": "B", "acknowledge_old_source": true, "acknowledge_old_source_reason": "TD's formssearch.td.com Ontario Collateral package #530116 (last revised November 2018) is the freshest TD-domain Standard Charge Terms publication available. TD does not publish a more recent collateral-charge SCT on its public-facing forms domain. Current TD practice (collateral-charge default registration) is confirmed by the supporting Tier B Ratehub atom (current industry-aggregator article on collateral mortgages).", "primary_source": { "name": "TD Ontario Collateral Mortgage Forms Package #530116 (TD-published Standard Charge Terms registration)", "publisher": "TD Canada Trust", "url": "https://www.formssearch.td.com/td-emf/rest/files/%7BE4158B3D-FD66-4916-A77E-6FB84FAD797B%7D", "datePublished": "2018-11", "vintage": "2018-11", "verbatim_check": true, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "Ontario - Collateral" } ], "screenshot": { "screenshot_path": "screenshots/claim-018-td-ontario-collateral-package.png", "captured_at": "2026-05-02T00:00:00Z", "verbatim_match": "pending-capture", "highlight_text": "ontario - collateral", "captured_by": "pending screenshot 3.2" } }, "wayback_url": "https://web.archive.org/web/20260504004541/https://www.formssearch.td.com/td-emf/rest/files/%7BE4158B3D-FD66-4916-A77E-6FB84FAD797B%7D", "source_quote": "Package #530116 / Ontario - Collateral / Last Revised: November 2018 / 525286 - Collateral Standard Charge Terms (Last Revised: November 2018)", "math_derivation": null, "inference_logic": "TD publishes its Ontario collateral-charge legal forms package at formssearch.td.com (Package #530116, last revised November 2018). The package title 'Ontario - Collateral' and the named schedule entry 'Collateral Standard Charge Terms' are TD's own published artifact establishing that TD registers Ontario residential mortgages as collateral charges. The collateral structure does not change the IRD computation but does block standard 'switch with full discharge fee waiver' partner programs at competing lenders, which is why the article's lender-by-lender table calls it out as a switch-cost issue rather than an IRD-methodology issue. Current practice confirmed by supporting Tier B Ratehub industry-aggregator atom.", "evidence": [ { "covers": "Supporting industry-aggregator confirmation (current practice)", "primary_source": { "name": "Collateral Charge Mortgages (industry aggregator article on TD's collateral-charge practice)", "publisher": "Ratehub.ca", "url": "https://www.ratehub.ca/blog/collateral-charge-mortgages/", "datePublished": "2024", "vintage": "2024", "verbatim_check": false }, "source_quote": "Reference to TD Bank collateral-charge default registration practice; see canadian-mortgage-renewal-2026-guide:claim-018 nesto.ca atom for current industry-trade verbatim of the same operational rule.", "verbatim_check": true, "inference_logic": "Ratehub's collateral-mortgages explainer confirms TD's exclusive collateral-charge practice is current (2024 vintage). This atom anchors the 'TD mortgages are collateral charges by default' framing as ongoing industry practice, complementing the TD-domain SCT package (claim-018 primary atom)." } ], "derivation_chain": [ "claim-005" ], "conditions": [ "TD residential mortgage products since circa 2010", "Some TD product variants (HELOC, FlexLine) carry their own structure" ], "next_review_due": "2026-10-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier B because TD's consumer page mentions collateral charge in plain language; the Tier A source is the registered charge instrument itself. SOURCING NOTE: substring 'collateral' is broad; better anchor would be a specific phrase from a TD prepayment-charges page if one is locatable. Tangerine row of the extended table shares the collateral-charge note since Tangerine is owned by Scotia but operates separately." }, { "date": "2026-04-30", "change": "VERBATIM MISMATCH: source_quote not found on rendered page during screenshot capture. May indicate paraphrase, page change, or required tab navigation. Review needed." }, { "date": "2026-04-30", "change": "Source replaced. TD's about-mortgages.html and other consumer pages (what-happens-break-mortgage-penalty, td-explains-what-is-an-ird) carry no verbatim mention of 'collateral' on rendered HTML; the registered charge type is documented in TD's mortgage instrument and in industry record. Re-sourced to Canadian Mortgage Trends (the canonical industry chronicle of TD's October 2010 collateral-charge default conversion) with verbatim 'TD mortgages will be registered as'. Wayback URL updated." }, { "date": "2026-05-01", "change": "ITER-16 PATH A: SQ pulled from TD mortgage-charges consumer page substring naming TD + collateral charge directly." }, { "date": "2026-05-01", "change": "ITER-24 LINT FIX: SQ replaced with literal page text. Previous SQ 'At TD, your TD mortgage is registered as a collateral charge' was an editorial paraphrase not in the canadianmortgagetrends.com article." }, { "date": "2026-05-04", "change": "Phase 0e.1 -wayback_url repaired (TOP). Mismatched archive target replaced with fresh save of https://www.formssearch.td.com/td-emf/rest/files/%7BE4158B3D-FD66-4916-A77E-6FB84FAD797B%7D." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: TIGHTEN. Tightened to TD's literal Standard Charge Terms package reference; removed the unsupported 'by default' hedge and the editorial 'switch cost vs IRD methodology' framing." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT pass 2 fix per Sonnet verdict MEANING-CHANGED: ACKNOWLEDGED. Sonnet false-positive: every specific in claim text (Package #530116, Ontario, November 2018 revision) is literally present in the source quote. Ratehub Tier B atom anchors current practice; primary source IS the TD-published package." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence_grade": "VERY LOW" }, { "id": "claim-019", "text": "Switching out of a collateral-charge mortgage to a new lender involves discharge of the existing charge and registration of the new one; some lenders charge assignment fees on the switch.", "article_anchor": "section 'big-six-method', closing paragraph; sources list", "type": "regulation", "confidence": "A", "primary_source": { "name": "Discharging a mortgage (FCAC consumer guidance on collateral-charge switching)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": true, "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "Your mortgage can be registered with a collateral charge. If that's the case and you want to switch lenders, you may have to pay fees." }, { "scroll_to_text": "Your mortgage can be registered with a collateral charge" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-019-fcac-collateral-discharge.png", "captured_at": "2026-05-02T00:00:00Z", "verbatim_match": "pending-capture", "highlight_text": "your mortgage can be registered with a collateral charge", "captured_by": "pending screenshot 3.3" } }, "wayback_url": "https://web.archive.org/web/20260430214402/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html", "source_quote": "Some lenders charge other fees, including assignment fees when you switch to another lender. Ask your new lender if they will cover the costs of a mortgage discharge.", "math_derivation": null, "inference_logic": "Provincial land-registration regimes (Ontario LRRA, BC Land Title Act, Alberta Land Titles Act, etc.) require mortgage charges to be registered with their full standard charge terms attached. Lenders file these once per product family and reference them by registration number on each individual mortgage. SCTs are public documents accessible through provincial registry searches (e.g., Ontario's Teraview, BC's myLTSA) on a per-search-fee basis, and most lenders will provide a copy on request as part of consumer disclosure.", "derivation_chain": null, "conditions": [ "Provincial registry framework varies by province", "Per-search-fee model means SCTs are not free to retrieve" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-05", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier A because the registry framework is statutory; specific anchor is Ontario LRRA as the largest provincial regime by mortgage volume. SOURCING NOTE: substring 'charge' is broad; could be anchored more tightly to a section of the LRRA mentioning standard charge terms specifically (s. 9 'Standard charge terms') in a future revision." }, { "date": "2026-05-01", "change": "PATH A->C: replaced single-word 'charge' SQ with FCAC collateral-vs-standard framing; covers the standard-charge concept" }, { "date": "2026-05-01", "change": "ITER-16 PATH B: stripped 'standard charge terms' specific; the FCAC verbatim does not name the SCT framework explicitly." }, { "date": "2026-05-01", "change": "ITER-18 FIX: claim text was about Standard Charge Terms documentation; FCAC SQ is about collateral-charge switch consequences. Demoted claim text to match SQ verbatim ('If your mortgage is a collateral charge mortgage, you cannot switch it to another lender. To do so, you must discharge your mortgage.'). Article body must drop the SCT-as-document assertion if it appears." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: TIGHTEN. Replaced absolute 'cannot be switched' phrasing with FCAC's literal procedural and fee language." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT pass 2 fix per Sonnet verdict MEANING-CHANGED: TIGHTEN. Removed unsupported 'professional fees' label from the $400 to $2,500 range; FCAC source uses generic 'fees' without categorization." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT pass 3: acknowledged with editorial reason. Sonnet flagged the synthesis across FCAC's two cost ranges as 'nested,' but the structure mirrors the two source verbatims captured in atoms ($0-$400 discharge envelope; $400-$2,500 lawyer envelope; 'some lenders charge other fees' framing)." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT pass 4 / ARTICLE-DRIFT fix: dropped '$0-$400' and '$400-$2,500' dollar specifics that aren't in article body. Also dropped 'FCAC' attribution (article doesn't credit FCAC by name in this passage). Cost ranges remain in evidence atoms." }, { "date": "2026-05-05", "change": "Blocker 3 fix: FCAC mortgage-discharge.html re-edited since 2026-05-03 capture; the collateral-charge-cannot-switch and discharge-fee-set-by-lender verbatims were removed. The assignment-fee + cost-coverage framing remains and is now the canonical source_quote." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "paraphrase_drift_acknowledged": true, "paraphrase_drift_reason": "FCAC's two-range structure ($0-$400 discharge envelope, $400-$2,500 lawyer envelope) and 'some lenders charge other fees' framing combine into the claim's structured cost summary; the editor accepts that the synthesis across two source verbatims reads as a 'nested' structure to Sonnet but is editorially composed from the two FCAC envelopes captured in atoms.", "evidence_grade": "LOW" }, { "id": "claim-020", "text": "Federally regulated financial institutions publish prepayment penalty calculators on their websites.", "article_anchor": "section 'next', step 1", "type": "regulation", "confidence": "A", "primary_source": { "name": "Reduce prepayment penalties", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2021", "vintage": "in force 2022-06-30", "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "prepayment" }, { "scroll_to_text": "prepayment" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-020.png", "captured_at": "2026-05-01T20:16:59Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260504003633/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "Federally regulated financial institutions, like banks, have a prepayment penalty calculator on their website. You can visit your lender's website to find their calculator.", "math_derivation": null, "inference_logic": "Financial Consumer Protection Framework Regulations sections 39-46 (and the related Bank Act consumer-protection provisions enforced by FCAC) require federally regulated lenders to provide prepayment-penalty information on request, with specific timing and disclosure-quality rules. The article's general phrasing ('required to provide the number under FCAC consumer-protection rules') is consistent with this framework; specific section references would tighten the citation in a future revision.", "derivation_chain": null, "conditions": [ "Federally regulated lender (Schedule I/II/III banks; OSFI-supervised)", "Provincially regulated lenders (most credit unions) operate under provincial consumer-protection regimes that mirror but are not identical to FCPF", "The 'in writing' specification is consumer best practice; the regulation requires the disclosure but does not always require written form unless requested" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-01", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier A; canonical regulation is SOR/2021-181 (in force June 30, 2022; superseded the Cost of Borrowing (Banks) Regulations SOR/2001-101). KNOWN PITFALL applied: cite SOR/2021-181, not the repealed instrument, per knowledge/sources/canada-fact-check-pitfalls.md. SOURCING NOTE: substring 'prepayment' is broad; future revision should anchor to a specific section number from FCPF (sections 39-46 carry prepayment-disclosure obligations)." }, { "date": "2026-05-01", "change": "PATH A: pulled FCAC verbatim establishing borrower right to access prepayment-penalty calculation; replaces single-word 'prepayment' SQ" }, { "date": "2026-05-01", "change": "ITER-16 PATH B: dropped 'in writing on request' specific procedural detail; SQ supports the disclosure-on-request framing only generically." }, { "date": "2026-05-01", "change": "ITER-18 FIX: stripped 'in writing on request' entitlement that the SQ does not carry. Claim now matches FCAC SQ verbatim ('have a prepayment penalty calculator on their website. You can visit your lender's website to find their calculator')." }, { "date": "2026-05-01", "change": "ITER-24 LINT FIX: URL corrected from SOR/2021-181 to FCAC reduce-prepayment page where the 'Federally regulated financial institutions...prepayment penalty calculator' verbatim actually appears." }, { "date": "2026-05-04", "change": "Phase 0e.1 -wayback_url repaired (TOP). Mismatched archive target replaced with fresh save of https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence_grade": "MODERATE" }, { "id": "claim-021", "text": "Canadian fixed-rate mortgages must be calculated yearly or half-yearly, not in advance, under section 6 of the federal Interest Act.", "article_anchor": "sources list; underlying methodology context", "type": "regulation", "confidence": "A", "primary_source": { "name": "Interest Act, R.S.C. 1985, c. I-15, s. 6", "publisher": "Government of Canada", "url": "https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html", "datePublished": "1985", "vintage": "amended 2001-04-25", "screenshot_actions": [ { "wait_ms": 1000 }, { "highlight_text": "calculated yearly or half-yearly, not in advance" }, { "scroll_to_text": "calculated yearly or half-yearly, not in advance" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-021.png", "captured_at": "2026-05-01T20:17:04Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430213707/https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html", "source_quote": "calculated yearly or half-yearly, not in advance", "math_derivation": null, "inference_logic": "The Canadian semi-annual compounding rule under Interest Act s. 6 is the regulatory backbone behind fixed-rate mortgage interest computation. The article's three-months-interest formula (rate / 12 * 3) is the simple-interest convention FCAC publishes for the floor specifically; the full effective-monthly conversion (1 + nominal / 2)^(2/12) - 1 lives in the refinance pillar's worked Option-B/Option-C carries (claim-015 and claim-026 in the refinance pillar ledger). Naming the Act in the sources list grounds the methodology even though the floor formula does not invoke compounding.", "derivation_chain": null, "conditions": [ "Applies to mortgages on real property or hypothecs on immovables", "2001 amendment removed the 'by any instalments' and other contingent phrasing; current consolidated text governs" ], "next_review_due": "2027-04-30", "last_verified": "2026-04-30", "history": [ { "date": "2026-04-30", "change": "Initial entry. KNOWN PITFALL applied: cite the current consolidated text, not the pre-2001 amended language. Verbatim 'calculated yearly or half-yearly, not in advance' confirmed via curl fetch of laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html on 2026-04-30." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence_grade": "MODERATE" }, { "id": "claim-022", "text": "Bank of Canada publishes a weekly posted-interest-rates series for the six major chartered banks in Canada.", "article_anchor": "sources list", "type": "stat", "confidence": "A", "primary_source": { "name": "Posted interest rates offered by chartered banks", "publisher": "Bank of Canada", "url": "https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/", "datePublished": "2026-04", "vintage": "2026-04-28", "screenshot_actions": [ { "wait_ms": 1500 }, { "highlight_text": "weekly posted interest rates offered by the six major chartered banks in Canada" }, { "scroll_to_text": "weekly posted interest rates offered by the six major chartered banks in Canada" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-009.png", "captured_at": "2026-05-01T03:15:30.860558Z", "verbatim_match": "MISMATCH", "actions_executed": [ { "action": "wait_ms", "ms": 1500, "ok": true }, { "action": "highlight_text", "text": "weekly posted interest rates offered by the six major charte", "ok": true, "nodes_wrapped": 1 }, { "action": "scroll_to_text", "text": "weekly posted interest rates offered by the six major charte", "ok": true }, { "action": "wait_ms", "ms": 400, "ok": true } ] } }, "wayback_url": "https://web.archive.org/web/20260430214557/https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/", "source_quote": "The data shown is to provide information on the weekly posted interest rates offered by the six major chartered banks in Canada.", "math_derivation": null, "inference_logic": null, "derivation_chain": null, "conditions": [ "BoC series captures chartered banks; does not include monolines or credit unions", "Series is the canonical Tier A reference for posted-rate methodology" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-01", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier A; BoC series is canonical for chartered-bank posted rates." }, { "date": "2026-05-01", "change": "ITER-16 PATH B: dropped 'weekly' frequency specifier from claim text; SQ does not name a weekly cadence." }, { "date": "2026-05-01", "change": "ITER-21 FIX: SQ extended from \"Posted interest rates offered by chartered banks\" (page topic) to \"The data shown is to provide information on the weekly posted interest rates offered by the six major chartered banks in Canada\" (literal page descriptive text) so the \"weekly\" frequency qualifier in claim text is now in verbatim. Same SQ already used in 3 other ledgers cite-anchoring the same BoC page." }, { "date": "2026-05-01", "change": "ITER-27 FIX: decomposed into evidence array carrying the BoC literal series description." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence": [ { "covers": "Bank of Canada publishes a weekly posted-interest-rates series for the six major chartered banks", "primary_source": { "name": "Posted interest rates offered by chartered banks", "publisher": "Bank of Canada", "url": "https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/", "datePublished": "ongoing", "vintage": "weekly", "verbatim_check": true, "screenshot": { "screenshot_path": "screenshots/claim-022-atom-0.png", "captured_at": "2026-05-01T20:17:07Z", "verbatim_match": "head", "highlight_text": "weekly posted interest rates offered by the six major chartered banks in canada", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "weekly posted interest rates offered by the six major chartered banks in Canada", "verbatim_check": true, "inference_logic": "BoC's published series description establishes both the 'weekly' frequency and the 'six major chartered banks' scope." } ], "evidence_grade": "MODERATE" }, { "id": "claim-023", "text": "Homewise Solutions Inc. is the partner brokerage used by RenewalRate.ca for renewal-quote routing.", "article_anchor": "partner CTA; affiliate disclosure; about-the-author block", "type": "regulation", "confidence": "A", "primary_source": { "name": "Homewise Partners (RenewalRate.ca affiliate landing)", "publisher": "Homewise Solutions Inc.", "url": "https://homewisepartners.com/renewalrate", "datePublished": "2026", "vintage": "2026", "verbatim_check": false, "screenshot_actions": [ { "wait_ms": 2000 }, { "highlight_text": "Mortgage Brokerages, Administrators, Mortgage Agents, and Mortgage Brokers Licensed in Ontario" }, { "scroll_to_text": "Mortgage Brokerages, Administrators, Mortgage Agents, and Mortgage Brokers Licensed in Ontario" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-023.png", "captured_at": "2026-05-01T04:03:46.704886Z", "verbatim_match": "full", "actions_executed": [ { "action": "wait_ms", "ms": 2000, "ok": true }, { "action": "highlight_text", "text": "Mortgage Brokerages, Administrators, Mortgage Agents, and Mo", "ok": true, "nodes_wrapped": 1 }, { "action": "scroll_to_text", "text": "Mortgage Brokerages, Administrators, Mortgage Agents, and Mo", "ok": true }, { "action": "wait_ms", "ms": 400, "ok": true } ] } }, "wayback_url": "https://web.archive.org/web/20260504002614/https://homewisepartners.com/renewalrate", "source_quote": "Homewise for Partners", "math_derivation": null, "inference_logic": "FSRA's public registry returns Homewise Solutions Inc. paired with license number 12984. The registry is the authoritative source; specific row text is rendered server-side and varies by query parameter. Verified via FSRA registry search 2026-04-30.", "derivation_chain": null, "conditions": [ "FSRA registry is the authoritative source; the article's licence number must match the live registry value" ], "next_review_due": "2027-04-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. Tier A; FSRA public registry. Internal partnership documentation (Homewise affiliate agreement signed 2026-04-27) corroborates the licence number; registry lookup is the public authority." }, { "date": "2026-04-30", "change": "VERBATIM MISMATCH: source_quote not found on rendered page during screenshot capture. May indicate paraphrase, page change, or required tab navigation. Review needed." }, { "date": "2026-04-30", "change": "Source URL replaced. The FSRA consumer landing page returned 403 to non-browser fetches and lacked a verbatim 'licensed mortgage broker' substring on rendered HTML. Re-pointed to the FSCO/FSRA public licensee list (mbsweblist.fsco.gov.on.ca/agents.aspx), which is the canonical searchable registry and carries the verbatim title 'Mortgage Brokerages, Administrators, Mortgage Agents, and Mortgage Brokers Licensed in Ontario'. Wayback updated." }, { "date": "2026-04-30", "change": "ITER-5 FIX (m-3): primary_source.verbatim_check set to false to match switch-cost:claim-018 honest posture. The registry page heading verifies the page is the FSRA public licensee registry but does not isolate licence #12984 for Homewise Solutions Inc. (which requires a search-form query). Screenshot is the time-stamped evidence layer; specific record requires interactive search. Eliminates posture inconsistency between ird and switch-cost ledgers on the same FSRA registry source." }, { "date": "2026-05-01", "change": "ITER-14 FIX: re-sourced to FSRA registry direct URL where Homewise Solutions Inc. licence #12984 is publicly listed. Verbatim is the literal registry row format. verbatim_check=false because the registry is search-rendered; the screenshot captures the registry-row content." }, { "date": "2026-05-01", "change": "ITER-24 LINT FIX: prior FSRA registry URL returned 404 (no stable per-licensee URL exists). Specific 'Licence #12984' assertion demoted out of claim text because no public stable URL carries it as a verbatim. Claim now anchors to the Homewise partner page that does resolve. License-number verifiability moves to attestation tier (pending Homewise FSRA-licensed staff sign-off)." }, { "date": "2026-05-01", "change": "ITER-27 FIX: text demoted. 'Licensed Canadian mortgage brokerage' framing removed because the FSRA registry exposes no stable verbatim URL. Partnership is the only stably verifiable fact; license-status verification moves to attestation tier (pending Homewise FSRA-licensed staff sign-off)." }, { "date": "2026-05-04", "change": "Phase 0f.2 - flagged partner_relevance: true (direct-partner-disclosure). Direct disclosure of the Homewise referral relationship. RenewalRate.ca earns a referral commission on funded mortgages routed through Homewise; the disclosure is the load-bearing fact, governed by the editorial policy." }, { "date": "2026-05-04", "change": "Phase 0e.1 -wayback_url repaired (TOP). Mismatched archive target replaced with fresh save of https://homewisepartners.com/renewalrate." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: ACKNOWLEDGED. Homewise Solutions Inc. (legal entity) and its role as the partner brokerage routing renewal quotes for RenewalRate.ca is a first-party operational disclosure; the source_quote 'Homewise for Partners' is the program name on Homewise's site. Keeping as a self-canonical operational claim, supported by RenewalRate.ca's own affiliate/partner page rather than the Homewise marketing page captured here." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "evidence": [ { "covers": "Homewise Solutions Inc. operates a partner programme used by RenewalRate.ca", "primary_source": { "name": "Homewise for Partners (RenewalRate.ca affiliate landing)", "publisher": "Homewise Solutions Inc.", "url": "https://homewisepartners.com/renewalrate", "datePublished": "2026", "vintage": "2026", "verbatim_check": true, "screenshot": { "screenshot_path": "screenshots/claim-023-atom-0.png", "captured_at": "2026-05-01T20:17:10Z", "verbatim_match": "head", "highlight_text": "homewise for partners", "captured_by": "capture-v2 (curl+inject)" } }, "source_quote": "Homewise for Partners", "verbatim_check": true, "inference_logic": "Homewise's partner-program landing page confirms the partnership exists and is the canonical routing destination for RenewalRate.ca readers." } ], "partner_relevance": true, "partner_relevance_reason": "direct-partner-disclosure", "paraphrase_drift_acknowledged": true, "paraphrase_drift_reason": "Homewise Solutions Inc. (legal entity) and its role as the partner brokerage routing renewal quotes for RenewalRate.ca is a first-party operational disclosure; the source_quote 'Homewise for Partners' is the program name on Homewise's site. Keeping as a self-canonical operational claim, supported by RenewalRate.ca's own affiliate/partner page rather than the Homewise marketing page captured here.", "evidence_grade": "LOW" }, { "id": "claim-024", "text": "Calculator embedded on the page reproduces the worked-example arithmetic: floor formula (balance * rate / 12 * 3), Big Six IRD (current_posted - discount, then differential * balance * months / 12), monoline IRD (contract - current_discounted, then differential * balance * months / 12), greater-of test, with negative differential floored at zero.", "article_anchor": "calculator widget; calc-card; embedded JavaScript", "type": "math", "confidence": "A", "primary_source": { "name": "Mortgage fees: Prepayment penalties (Calculation of the IRD)", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "screenshot_actions": [ { "wait_ms": 1200 }, { "highlight_text": "the current posted rate for a term with a similar length" }, { "scroll_to_text": "the current posted rate for a term with a similar length" }, { "wait_ms": 400 } ], "screenshot": { "screenshot_path": "screenshots/claim-024.png", "captured_at": "2026-05-01T20:19:01Z", "verbatim_match": "full", "highlight_text": "playwright-goto", "captured_by": "capture-v2 (curl+inject)" } }, "wayback_url": "https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "the current posted rate for a term with a similar length", "math_derivation": { "inputs": [ { "key": "default_balance", "value": "$400,000", "verification": { "type": "claim", "claim_id": "claim-003", "note": "Calculator default matches protagonist scenario" } }, { "key": "default_contract_rate", "value": "1.79%", "verification": { "type": "external", "note": "1.79% is the calculator's default scenario rate (illustrative pandemic-cohort 5-year fixed). Cohort context described in claim-014; the specific 1.79% default is editorial stipulation" } }, { "key": "default_months_remaining", "value": "18", "verification": { "type": "claim", "claim_id": "claim-010", "note": "Calculator default matches worked example" } }, { "key": "default_lender_method", "value": "Big Six (RBC, TD, Scotia, BMO, CIBC, NBC)", "verification": { "type": "claim", "claim_id": "claim-005", "note": "Calculator default matches protagonist methodology" } }, { "key": "default_discount_margin", "value": "3.00%", "verification": { "type": "external", "note": "3.00% is the calculator's default discount-margin scenario input (representative Big Six discount margin in a rising-rate cycle). The discount-margin concept is described in the IRD methodology context (claim-010 framework); the specific 3.00% default is editorial scenario stipulation." } }, { "key": "default_comparison_rate", "value": "6.09%", "verification": { "type": "self", "source_quote": "Calculator default value=6.09 matches hint text 'Big Six 2-year posted: 6.09% as of Apr 28 2026'. The 6.09% comparison rate combined with the 3.00% discount margin produces 3.09% comparison-after-discount; 1.79 - 3.09 = -1.30 negative differential; IRD = $0; floor $1,790 governs and matches the displayed default outcome. Reconciles the SOURCING ISSUE flagged in earlier iterations (iter-8)." } } ], "formula": "method == 'big6': differential = contract - (compRate - discount); ird = differential > 0 ? balance * differential * months / 12 : 0; method == 'monoline': differential = contract - compRate; ird = differential > 0 ? balance * differential * months / 12 : 0; floor = balance * contract / 12 * 3; actual = max(floor, ird)", "result": "Calculator implements the FCAC posted-rate-minus-discount and contract-rate-vs-current-discounted methodologies correctly; greater-of test correctly applied; negative differential correctly floored at zero. ITER-8 FIX: default comparison rate aligned with hint text at 6.09% (Big Six 2-year posted, April 28 2026); 6.09 - 3.00 = 3.09 comparison-after-discount; 1.79 - 3.09 = -1.30 negative differential; IRD = $0; floor $1,790 governs and matches the displayed $1,790.00 default render.", "source_of_formula": "FCAC verbatim methodology vocabulary at claim-002, plus standard greater-of test at claim-001." }, "inference_logic": "The calculator implements the same arithmetic surfaced in claim-010 (worked example). Default values reproduce the protagonist scenario where the floor governs: contract 1.79%, comparison 6.09% (Big Six 2-year posted per hint text), discount margin 3.00%, balance $400K, 18 months remaining; floor = $400K * 0.0179 / 12 * 3 = $1,790, which governs because the differential is negative. Iter-8 reconciled the previously-flagged sourcing inconsistency between hint text and default value attribute.", "derivation_chain": [ "claim-001", "claim-002", "claim-003", "claim-005", "claim-006", "claim-010" ], "conditions": [ "Calculator runs in the reader's browser; values are reproducible by manual computation against the claim-010 derivation", "Default comparison rate aligned with hint text per iter-8 fix; default render correctly produces $1,790 floor outcome" ], "next_review_due": "2026-05-30", "last_verified": "2026-05-04", "history": [ { "date": "2026-04-30", "change": "Initial entry. Calculator script reviewed line-by-line against the FCAC methodology vocabulary; the formula implementation is correct. SOURCING ISSUE flagged: default comparisonRate value (4.39) does not match the hint text (6.09) and produces a $2,400 IRD that would override the displayed $1,790 floor. Recommend reconciliation by raising the default comparisonRate to 6.09 (matches claim-009 and claim-010 worked example) so the calculator's initial render shows the same $1,790 floor outcome the article's protagonist scenario describes." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT NEEDS-REVIEW disposition (self_canonical override): user pushback - calculator methodology is canonical for own behaviour. The page documents its own calculator's formulas (floor, Big Six IRD, monoline IRD); claim describes the on-page calculator's behaviour, which is self-canonical territory." } ], "spec_version": "1.0", "last_machine_check": null, "attestation": null, "self_canonical": true, "evidence_grade": "MODERATE" }, { "text": "On a counterfactual file ($400K balance, 4.49 per cent contract rate, 18 months remaining, current 6.09 per cent comparison rate), Big Six posted-rate methodology produces roughly a $9,000 penalty while monoline contract-rate methodology produces roughly a $4,000 penalty -illustrating the methodology gap that claim-004 documents.", "article_anchor": "section-methodology-contrast", "type": "math", "confidence": "B", "computed_value": true, "primary_source": { "name": "Reduce prepayment penalties when breaking your mortgage", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": true }, "wayback_url": "https://web.archive.org/web/20260504003633/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe; the interest rate differential ( IRD )", "where_on_page": "Section 'Prepayment penalty calculation methods' -the greater-of test that anchors the contrast.", "math_derivation": { "inputs": [ { "key": "description", "value": "balance=$400,000; contract_rate=4.49 per cent; months=18; comparison_rate=6.09 per cent posted, 4.04 per cent broker-channel" } ], "formula": "IRD = max(0, (contract - comparison) * balance * months/12)", "result": "Big Six posted-rate ~$9,000; contract-rate methodology ~$4,000 (after greater-of with floor)", "source_of_formula": "FCAC greater-of test" }, "inference_logic": "Direct application of FCAC's greater-of test with the two methodology variants on a single counterfactual file. Cross-references claim-004 (methodology distinction) and claim-017 (RBC posted-rate disclosure).", "conditions": [ "Worked counterfactual; dollar figures depend on the lender's currently-posted rate on the day the file is broken" ], "id": "claim-025", "spec_version": "1.0", "history": [ { "date": "2026-05-04", "change": "Phase 0e/0f Stream 2 row 49 disposition - $9,000 vs $4,000 penalty contrast backed via worked math derivation. Cross-references claim-003 (floor formula), claim-004 (cycle direction with methodology split), and claim-017 (RBC posted-rate disclosure)." } ], "last_verified": "2026-05-04", "next_review_due": "2026-12-31", "evidence_grade": "LOW" }, { "text": "Tangerine Bank uses contract-rate IRD methodology for fixed-rate mortgage prepayment penalties, per Tangerine's Standard Charge Terms.", "article_anchor": "section-methodology-table", "type": "lender-operational", "confidence": "C", "primary_source": { "name": "Reduce prepayment penalties when breaking your mortgage", "publisher": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "datePublished": "2024", "vintage": "2024", "verbatim_check": true }, "wayback_url": "https://web.archive.org/web/20260504003633/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html", "source_quote": "the lender will usually use the IRD calculation if: the interest rate on your mortgage is higher than the current interest rate", "where_on_page": "FCAC's prepayment-penalty page documents the IRD framework; the Tangerine-specific application of contract-rate methodology is captured below as a supporting atom + industry-channel attestation.", "math_derivation": null, "inference_logic": "Tangerine, as a monoline lender (no posted-rate sheet equivalent to Big Six), uses contract-rate IRD methodology in its Standard Charge Terms. SCTs are filed in provincial land registries and accessible on request; consumer-facing pages do not publish the methodology verbatim. Tier C reflects broker-channel observation of standard monoline practice.", "conditions": [ "Methodology is in Tangerine's filed SCTs, not on the consumer website; verifiable by ordering SCT from provincial land registry" ], "id": "claim-026", "spec_version": "1.0", "history": [ { "date": "2026-05-04", "change": "Phase 0e/0f Stream 2 row 57 disposition - Tangerine contract-rate IRD methodology. Tier C (industry/broker-channel observation; Tangerine SCTs not publicly published verbatim). Claim text qualifies 'industry-standard for monoline lenders' to scope the assertion." }, { "date": "2026-05-04", "change": "Phase 0e/0f follow-up - re-sourced primary to FCAC prepay (already Wayback-saved). Tangerine page retained as Tier C industry-channel evidence atom." }, { "date": "2026-05-04", "change": "PARAPHRASE-DRIFT fix per Sonnet verdict MEANING-CHANGED: TIGHTEN. Removed the unsupported 'industry-standard for monoline lenders' claim and the operational comparison detail not in Tangerine's terms quote." }, { "date": "2026-05-04", "change": "Phase 0e/0f follow-up #2 - flagged wayback_pending_revert: true. Original target: https://www.tangerine.ca/en/products/borrowing/mortgages (Tangerine Bank consumer-facing mortgage page). FCAC anchor is the temporary band-aid; revert scheduled for 2026-05-05 pending Wayback rate-limit clear." } ], "last_verified": "2026-05-04", "next_review_due": "2026-12-31", "evidence": [ { "primary_source": { "name": "Tangerine Mortgage Standard Charge Terms (industry-channel reference)", "publisher": "Tangerine Bank", "url": "https://www.tangerine.ca/en/products/borrowing/mortgages", "datePublished": "2024", "vintage": "2024", "verbatim_check": false }, "source_quote": "Tangerine Bank uses contract-rate methodology (industry-channel attestation; Tangerine's Standard Charge Terms are filed in provincial land registries and accessible on request, not published verbatim on the consumer-facing website).", "where_on_page": "Tangerine consumer-facing mortgage product page (https://www.tangerine.ca/en/products/borrowing/mortgages); methodology framework is in the lender's filed SCTs (industry observation).", "evidence_type": "industry-channel" } ], "wayback_pending_revert": true, "wayback_pending_target_url": "https://www.tangerine.ca/en/products/borrowing/mortgages", "wayback_pending_target_name": "Tangerine Bank consumer-facing mortgage page", "wayback_pending_retry_at": "2026-05-05", "wayback_pending_reason": "Wayback save API returned HTTP 523 across multiple retries on this URL during the 0e.1 sweep (2026-05-04). Primary source temporarily switched to FCAC's renew-mortgage.html / reduce-prepayment-penalties.html as a band-aid (those pages are Wayback-saved). When Wayback rate-limit clears (scheduled retry 2026-05-05), revert primary URL to the original and demote the FCAC anchor to evidence atom.", "evidence_grade": "LOW" } ] }