A Canadian regulator has disciplined two former Home Capital Group Inc. mortgage brokers who funnelled business to the disgruntled mortgage lender. This marks the first step taken against the dealers who submitted fraudulent loan applications to the company.
The Financial Services Commission of Ontario conducted its own review into Home Capital in relation to the company severing ties in 2015 with 45 brokers who falsified client income on applications.
The agency found that broker Gagandeep Duggal and agent Zaheer Mohammad weren’t complying with the rules. Home Capital and the regulator hadn’t disclosed the names of any dealers sanctioned until now.
Read more at Financial Post