Home Capital Group Inc. is anticipating the highest mortgage renewal rate in the alternative lender’s history amid new regulations and company initiatives to stay competitive. Chief executive Yousry Bissada said Wednesday the Toronto-based mortgage lender is expecting mortgage renewals to provide a boost, as its latest quarterly earnings show a 40 per cent drop in net income compared to one year ago. Bissada said a combination of tighter mortgage underwriting rules that make it harder for homebuyers seeking uninsured mortgages to qualify and new company initiatives will spur on this surge. Not just last year, but any time in the 30 year history of this company,” he told analysts on a call discussing the lender’s latest quarterly results. His comments on an uptick of mortgage renewals come as Home Capital reported fiscal first quarter net income of $34.6 million.

Source: thestar May 09, 2018 15:45 UTC