No sanctions for 43 of 45 Home Capital brokers and agents, Ontario regulator says

TORONTO - An Ontario regulator says it will not be disciplining 43 of the 45 mortgage brokers and agents that mortgage lender Home Capital cut ties with over allegations they falsified loan applications.

The Financial Services Commission of Ontario said last week it had disciplined a mortgage broker and an agent after finding them to be non-compliant with the province's Brokerages, Lenders and Administrators Act.

On Thursday, the commission said it concluded its review into all 45 individuals and has not taken any action against 43 of them.

It said last Friday that its superintendent of financial services concluded that agent Zaheer Mohammad gave false income and employment information to a lender in the course of brokering mortgages on six separate occasions.

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

The commission also said broker Gagandeep Duggal was fined $5,000 last November for providing false or deceptive information when dealing with mortgages.

