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Mar 14, 2017
By Noah Zivitz
Home Capital Group disclosed late Tuesday "several" of its past and present officers and directors have received enforcement notices from the Ontario Securities Commission.
The company previously announced on February 10th that it had received an enforcement notice from OSC staff stemming from disclosures in 2014 and 2015 about falsified mortgage loan applications and the eventual suspension of certain brokers as a result.
The alternative mortgage lender says the new enforcement notices targeting individuals are "relating to that disclosure and, in some instances, trades in the company's shares."
Home Capital added it believes its disclosures met all necessary requirements and noted the individuals can respond to the OSC before the regulator decides on its next steps.
Boyd Erman, a spokesperson for Home Capital at Longview Communications, declined to comment on the individuals named in the OSC's latest enforcement notices.
OSC spokesperson Kristen Rose declined to provide further details, noting the regulator will only identify a company or individual's identity if it proceeds with a formal statement of allegations.
Home Capital disclosed on July 29, 2015 that it had suspended 45 mortgage brokers after an investigation determined that income information was falsified on some loan applications. Home Capital said at the time that the brokers it cut ties with were responsible for $960.4 million in single-family mortgage originations in 2014.
