Broker, agent who worked with Home Trust fined

TORONTO — An Ontario regulator says it has imposed disciplinary actions against a mortgage broker and agent who worked with Home Trust Co., a subsidiary of Home Capital Group (TSX:HCG), over their handling of mortgages.

The Financial Services Commission of Ontario (FSCO) says it conducted a review of 45 mortgage brokers and agents that Home Capital cut ties with after they were accused of falsifying income information several years ago.

FSCO says broker Gagandeep Duggal and agent Zaheer Mohammad were found to be in non-compliance with the province’s Mortgage Brokerages, Lenders and Administrators Act.

The Superintendent of Financial Services with FSCO concluded that on six separate occasions Mohammad gave false income and employment information to a lender in the course of brokering mortgages.

He was fined $43,853.64 and had his licence revoked in May of last year.

The Superintendent also imposed a penalty of $5,000 last November against Duggal for providing false or deceptive information when dealing with mortgages.

The health of Canada’s mortgage market has been a subject of much discussion in recent weeks, particularly after customers began pulling their deposits out of Home Capital, leaving the lender in a cash crunch.

A Home Capital spokesman said it had no comment about FSCO’s regulatory actions.

Last month, the Ontario Securities Commission alleged the company misled investors in their handling of a scandal involving falsified loan applications. Home Capital has said the OSC’s allegations are without merit and it will defend itself.

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