Broker, agent who worked with subsidiary of Home Capital disciplined
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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.
