Home Capital receives OSC enforcement notice

by Steve Randall13 Feb 2017

Home Capital has received an enforcement notice from the Ontario Securities Commission relating to falsified mortgage applications.

The incidents occurred during 2014 and 2015 and were disclosed by the lender which then took steps including the suspension of some brokers and brokerages.

The enforcement notice includes the preliminary conclusion of OSC staff which is that Home Capital failed to meet its continuous disclosure obligations during that period.

Home Capital said in a statement that it “believes that its disclosure satisfied applicable disclosure requirements.” It can now respond to the notice before the OSC decides whether to commence proceedings.

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