An audit has revealed customer misrepresentations in millions of dollars of mortgages sold by Laurentian Bank to another company.<\/p>\n
The Montreal-based lender says it will buy back potentially problematic loans totalling $180 million which were inadvertently part of a portfolio of mortgages sold by its B2B Bank unit to a third party firm.<\/p>\n
The bank\u2019s audit also found $76 million of insured mortgages that were not eligible for insurance, Bloomberg reports.<\/p>\n
Laurentian says that the loans in question had \u201cdocumentation issues and client misrepresentations\u201d but there is no suggestion of any wrongdoing by its staff.<\/p>\n
There will however be a review of practices including underwriting procedures.\u00a0<\/p>\n
The loans being bought back are all performing in line with the lender\u2019s overall portfolio.<\/p>\n
In its annual report Laurentian says that its total residential mortgage loans book stood at $18.5 billion as at October 31, 2017, an increase of $1.7 billion or 10% year-over-year.<\/p>\n","protected":false},"excerpt":{"rendered":"
An audit has revealed customer misrepresentations in millions of dollars of mortgages sold by Laurentian Bank to another company. The Montreal-based lender says it will buy back potentially problematic loans totalling $180 million which were inadvertently part of a portfolio of mortgages sold by its B2B Bank unit to a third party firm. The bank\u2019s […]<\/p>\n","protected":false},"author":3,"featured_media":19786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10085"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=10085"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10085\/revisions"}],"predecessor-version":[{"id":25818,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10085\/revisions\/25818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/19786"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=10085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=10085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=10085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}