Brokers applaud proposed move by lender

Brokers applaud proposed move by lender

Brokers applaud proposed move by lender Brokers praise one industry player's dedication to the industry following a recent announcement that his institution is poised to make a big move.

“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 of Verico Butler Mortgage wrote on “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.”

Home Trust 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 Bank.

"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 “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
  • Nikki Taddeo 2014-11-12 12:30:01 PM
    Home Trust have always been excellent to brokers and have been huge supporters...... I just hope they don't change too much... As a B Lender, they were always the first lender approached for many of us......
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  • Paul Therien - CENTUM 2014-11-12 3:14:58 PM
    CENTUM has always been a big supporter of HT, and we will continue in that tradition as they transition. I think that this is exciting news for the broker channel as it will open up new doors and allow for broader, more exciting, products.
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  • Carlo Astorino 2014-11-12 6:36:05 PM
    Great to see. HT is a rarity in our economy as a whole. An organization with a culture of passionate, dedicated and engaged people focused on the success of their organization by filling a growing significant consumer product gap and forming strong relationships with their broker partners. I expect and hope that culture will carry forward. Best of Luck!!..
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