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Embattled mortgage lender Home Capital says it has entered into an arrangement with an “independent third party” that wishes to either purchase funded mortgages or take on its mortgage commitments and renewals, up to a total of $1.5 billion.

The third party, which Home Capital did not identify, has indicated its non-binding intention to buy as much as $1 billion in qualifying uninsured mortgages, with an “immediate interest” in purchasing or accepting commitments and/or renewals for up to $500 million, the company said in a statement on Tuesday.

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The third party also indicated it is interested in Home Capital’s insured mortgages, and may purchase or accept commitments for up to $500 million worth, subject to appropriate documentation.

“This purchase arrangement is designed to give us the ability to continue to serve as many customers as possible in the mortgage broker channel, and we are optimistic that there can be opportunities for future growth,” said Bonita Then, interim chief executive of Home Capital in a statement.