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Ex-Home Capital Brokers Penalized in First Disclosed Crackdown

By Tony Seruga

Brokers part of review into 45 former Home Capital dealers
Duggal, Mohammad are first broker names disclosed in probe

A Canadian regulator said it disciplined two mortgage brokers who funneled business to Home Capital Group Inc., marking the first disclosure of action taken against dealers who submitted fraudulent loan applications to the embattled mortgage lender.

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 used falsified client income on applications. The agency found that broker Gagandeep Duggal and agent Zaheer Mohammad weren’t complying with the rules, according to a spokesman. Home Capital and the regulator hadn’t disclosed the names of any dealers sanctioned until now…

Ex-Home Capital Brokers Penalized in First Disclosed Crackdown

Categories : Finance, Real Estate

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