(Bloomberg) -- Home Capital Group Inc., Canada’s largest alternative-mortgage provider, said an investigation into loans with faulty income information is set to continue through most of next year.
(Bloomberg) -- Home Capital Group Inc., Canada’s largest alternative-mortgage provider, said an investigation into loans with faulty income information is set to continue through most of next year.
The Toronto-based firm, which cut ties with 45 brokers earlier this year after finding falsified borrower income information, said it’s about a quarter of the way through its review of those loans and will be finished by late 2016, it said in an earnings report Wednesday.
Of the mortgages reviewed, more than 90 percent could be eligible for renewal, Home Capital said. The total value of outstanding mortgages from those brokers fell to C$1.72 billion ($1.31 billion) as of Sept. 30 from C$1.93 billion at the end of June. In July, Home Capital said that the brokers originated C$960.4 million of single-family mortgages in 2014.
The company also named William J. Walker to its board of directors. Walker is a partner at Gowling Lafleur Henderson LLP and has more than 30 years of experience in banking law and dealing with regulators, Home Capital said.
The Toronto-based firm, which cut ties with 45 brokers earlier this year after finding falsified borrower income information, said it’s about a quarter of the way through its review of those loans and will be finished by late 2016, it said in an earnings report Wednesday.
Of the mortgages reviewed, more than 90 percent could be eligible for renewal, Home Capital said. The total value of outstanding mortgages from those brokers fell to C$1.72 billion ($1.31 billion) as of Sept. 30 from C$1.93 billion at the end of June. In July, Home Capital said that the brokers originated C$960.4 million of single-family mortgages in 2014.
The company also named William J. Walker to its board of directors. Walker is a partner at Gowling Lafleur Henderson LLP and has more than 30 years of experience in banking law and dealing with regulators, Home Capital said.
