Canada's largest mortgage originator stands behind Home Capital - Updated statement from CEO

VANCOUVER, May 12, 2017 /CNW/ - Dominion Lending Centres President and Chief Executive Officer, Gary Mauris, has elaborated on his previous statement regarding the recent developments surrounding Home Capital Group:

"As Canada's number one mortgage originator, with 700 offices across Canada and $38 Billion in mortgage loan volume in the past year, the Dominion Lending Centres Group of Companies has worked, since 2006, with most of Canada's largest banks, trust companies and credit unions - including numerous alternative lending companies like Home Capital Group - in order to provide custom mortgage solutions for our clients.

Home Capital Group has been a valuable partner to Dominion Lending Centres Group of Companies, and we originate more than 4,000 mortgage loans each year with the company. Home Capital and other alternative lenders such as Equitable Bank provide a valuable solution for many Canadian families seeking mortgage financing. The vast majority of these loans are of high quality, and made for people that just miss the qualifying thresholds of Canada's largest lenders, often self employed individuals and families. Home Capital Group's average loan to value in their portfolio is under 75%, and their average Beacon score on their portfolio is in the area of 675.

Home Capital underwriting standard continue to be prudent and thorough, and our experience is that their mortgage portfolio's continue to perform well, as evidenced by their low defaults and 90 day arrears.

Given the recent news that Home Capital Group will be implementing significant policy changes to ensure even more strict lending criteria, Dominion Lending Centres is standing by Home Capital, and will continue to recommend their mortgage solutions to our clients.

We will continue to work with them as they navigate these challenges and we are particularly pleased to see recent changes to the Board of Directors of Home Capital Group. We have full confidence that under new leadership, Home Capital Group will develop additional sources of funding and will continue serving Canadians with unique mortgage solutions." 

To schedule an interview with Gary Mauris, please contact etabakman@lbmg.ca.

For more information Dominion Lending Centres visit www.dominionlending.ca.

About the Dominion Lending Centres Group of Companies: 
Dominion Lending Centres Group of Companies is Canada's #1 national mortgage company with more than 5,700 Mortgage Professionals in 700 offices spanning the country. Launched in January 2006, DLC Group of Companies quickly grew to fund more than $38 billion in mortgage volume in 2016 – the largest originator in Canada. DLC continues to be recognized by PROFIT Magazine as one of Canada's Fastest-Growing Companies – making the PROFIT HOT 50 list of Emerging Growth Companies (2009 & 2010), PROFIT 200 (2012) and PROFIT 500 (2013 - 2015). DLC and our agents are recognized annually at the CMP Canadian Mortgage Awards – the Oscars of the Canadian mortgage brokering landscape.

SOURCE Dominion Lending Centres

For further information: Media Enquiries: Eddie Tabakman, Laura Ballance Media Group, etabakman@LBMG.ca, 604-306-0875

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Dominion Lending Centres

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