GREY:CXSNF - Post by User
Post by
TheRock07on Oct 27, 2013 7:40pm
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Post# 21852921
Outperforming HCG in mortgage originations
Outperforming HCG in mortgage originationsCXS core residential mortgage lending business, Street Capital, recorded tremendous results in the quarter, including a record $2.5-billion in mortgages sold.
Compare this to Home Capital Group ( HCG........,$78 ) which had $1.63 billion.
It also increased its mortgages under administration to $15-billion, a 58-per-cent increase over the past year and a 25-per-cent increase for the year to date.
In just a short period of time, Street Capital has become one of Canada's leading prime residential mortgage lenders due to its combination of excellent customer service and competitive mortgage products.
It has also increased its funding capacity through new relationships with liquidity providers, who continue to provide strong wholesale demand for Street Capital's high-quality mortgages, which are the result of its stringent underwriting and robust quality assurance processes.
Where HCG makes its biggest dough is from its bank which originates billions in loans per year.
CXS has applied to become a bank much like Home Capital.
Within a year, CXS will have its banking arm an can then be more directly compared to HCG.
You can bet that their banking business will also outcompete HCG.
My 3 year target here is $ 25.
I bought HCG below $10......