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Home Capital’s probe into alleged fraud by mortgage brokers widens

TORONTO – Home Capital Group Inc. says mortgage brokers who were suspended for allegedly falsifying income information generated roughly twice as much in mortgages as the company originally estimated.

Home Capital’s probe into alleged fraud by mortgage brokers widens

THE CANADIAN PRESS/Sean Kilpatrick
 
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TORONTO – Home Capital Group Inc. says mortgage brokers who were suspended for allegedly falsifying income information generated roughly twice as much in mortgages as the company originally estimated.

In its third-quarter earnings report, issued after markets closed on Wednesday, the mortgage lender said the total value of outstanding loans generated by the 45 brokers that it cut ties with was $1.72 billion as of Sept. 30.

That represents nearly 10 per cent of the company’s $18.17 billion of outstanding mortgage loans as of that date.

MORE: Banks step up scrutiny following flare up of ‘liar loans’ in housing market

Home Capital said the balance has declined as customers have paid down their loans.

As of June 30, the total amount of loans generated by the suspended brokers was $1.93 billion, the lender said in its most recent earnings release.

Home Capital had previously pegged the figure at $960.4 million – or 5.3 per cent of the outstanding loans on its balance sheet.

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