“I have always believed that the greatest thing in business is to create something from nothing. With the help of a great team Gerry Soloway has built what is soon to be a Schedule I Bank from a vision of new financial processes decades ago in Hamilton before fax machines, before computers, before the internet,” Ron Butler
Butler Mortgage wrote on MortgageBrokerNews.ca “Most importantly, from day one, Home always supported mortgage brokers and deposit brokers. Today Home Trust
sends tens of millions in finder’s fees to mortgage brokers every month for mortgages that our other lenders have turned down.”
announced this week that it has applied for a Schedule I banking charter which, if the move proceeds past the review stage, will be named Home Trust
"The main purpose of applying for the bank charter right now is to help us grow and diversify our deposit base," said Gerry Soloway, CEO of Home Trust
and Home Capital in an official release. "We have been very successful with our Oaken Financial branded deposit products and the bank would support and carry that initiative forward."
And according to some, the move was not a surprise.
“Gerry and his team have always had focus and understood their place in this industry,” Vince Gaetano of Monster Mortgage wrote on MortgageBrokerNews.ca. “As they have expanded their reach, it was only a matter of time before they achieved Schedule I Bank status. Hats off to Gerry and a great team at Home.”
Still, the news brought with it at least one naysayer who questions the lender’s dedication to the broker industry.
“Could we be losing another sub lender?” Ronald Caissie of TCT Mortgage Group mused.
Related: Home Trust enters direct-to-consumer space
Brokers praise one industry player's dedication to the industry following a recent announcement that his institution is poised to make a big move.