Home Capital earnings lower than expected, but company says it’s making progress reviewing suspect mortgages – FINANCIAL NEWS-ecozik.com
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Home Capital earnings lower than expected, but company says it’s making progress reviewing suspect mortgages

Gerald Soloway, CEO of Home Capital. The firm has been vetting mortgages created by brokers that were found to have used fraud and were subsequently suspended from doing business with Home Capital from 2014-2015.

Home Capital Group said hello continues to make progress in reviewing its portfolio of mortgages generated by 45 brokers suspended for fraud last year, with the worth of suspect mortgages visiting roughly $200 million in the fourth quarter.

The Toronto-based mortgage company announced Wednesday it has reviewed 40 per cent of the mortgages which were made by the brokers, that have been suspended from September 2014 to March 2015 after it had been discovered they had falsified income statements to help clients qualify for mortgages.

Home Capital said that 90 percent from the mortgages reviewed so far are still entitled to renewal which is on pace to complete its investigation by the end of this season. The value of the mortgages seemed to be revealed to have shrunk to $1.55 billion from $1.72 billion within the third quarter as customers pay down their loans.

“The company is constantly on the actively monitor the topic mortgages and notes that there happen to be no unusual credit issues,” Home Capital said inside a statement.

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