Mortgage Brokers

Home Capital: Company officials blamed increased competition for the mortgage business, particularly for prime borrowers, along with Home Capital cautious approach to issuing new mortgages amid falling oil prices and a sinking Canadian dollar, according to Globe and Mail. Home Capital also said it ended relationships with some mortgage brokers after an internal review, which caused an immediate drop in originations. It was the second straight quarter Home Capital has missed analysts’ expectations. Sources familiar with the company mortgage broker business say Home Capital cut ties with several brokers in Ontario, its largest market, after an internal audit found some brokers weren’t providing proper documentation for new mortgage applications. It just a good, intelligent approach if you’re questioning the type of client information that being brought to you, said mortgage broker Ron Butler, who does business with Home Capital. Company officials did not reply to requests to comment. (www.immigrantscanada.com). As reported in the news.