{"id":8701,"date":"2018-05-09T11:24:41","date_gmt":"2018-05-09T15:24:41","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/?guid=d7195b2591d4113ce1870d8a9e8d17c4"},"modified":"2018-05-09T11:24:41","modified_gmt":"2018-05-09T15:24:41","slug":"home-capital-anticipates-record-surge-in-mortgage-renewals-as-it-reports-steep-profit-drop","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2018\/05\/09\/home-capital-anticipates-record-surge-in-mortgage-renewals-as-it-reports-steep-profit-drop\/","title":{"rendered":"Home Capital anticipates record surge in mortgage renewals as it reports steep profit drop"},"content":{"rendered":"<p>TORONTO &#8212; Home Capital Group Inc. is anticipating the highest mortgage renewal rate ever in the alternative lender&#8217;s history, in the wake of new regulations and company initiatives to stay competitive.<\/p>\n<p>Home Capital CEO Yousry Bissada says the Toronto-based mortgage lender is &#8220;back in all aspects of our business&#8221; despite reporting a 40 per cent year-over-year drop in net income in the latest quarter, compared to a year ago.<\/p>\n<p>It reported fiscal first quarter net income of $34.6 million, beating analyst expectations but falling short of the $58 million earned a year ago before the lender was hit with allegations of misleading investors and faced a run on its deposits.<\/p>\n<ul class=\"related_links\">\n<li><a href=\"http:\/\/business.financialpost.com\/news\/fp-street\/mortgage-fraud-prompts-sp-to-lower-canada-bank-risk-metric\">Evidence of mortgage fraud in Canada raises red flag at credit rating giant<\/a><\/li>\n<li><a href=\"http:\/\/business.financialpost.com\/pmn\/business-pmn\/home-capital-group-says-new-mortgage-rules-have-clients-migrating-from-big-banks\">Home Capital Group says new mortgage rules have clients migrating from big banks<\/a><\/li>\n<\/ul>\n<p>Bissada says Home Capital expects higher levels of mortgage renewals going forward to give the company a boost, as borrowers who stick with their current lenders can avoid a new stress test for uninsured mortgages that make it harder for homebuyers to qualify.<\/p>\n<p>He told analysts on a conference call that the new mortgage guidelines, introduced this year, combined with new company initiatives will produce the highest mortgage renewal rates in Home Capital&#8217;s 30-year history.<\/p>\n<p>He adds that Home Capital is also offering more competitive mortgage rates as it faces competition from private lenders and other institutions which are not federally-regulated, and not required to apply the new stress test.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home Capital CEO says the lender is &#8216;back in all aspects of our business&#8217; despite reporting a 40 per cent year-over-year drop in net income<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8701"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=8701"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8701\/revisions"}],"predecessor-version":[{"id":8702,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8701\/revisions\/8702"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=8701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=8701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=8701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}