Case Study: HomeEquity Bank achieves OSFI banking approval and scalable CDIC-backed deposits with Portfolio+ (Portfolio Plus)

HomEquity Bank - Customer Case Study

HomEquity Bank, Canada’s national reverse mortgage provider, faced rapid growth (over 14% compounded annual growth) and needed alternate, CDIC-backed funding to meet rising loan demand and offer GICs—a move that required a banking license and a reliable deposit platform. After market research, HomEquity Bank selected Portfolio Plus and its Portfolio+ banking platform to support the transition to a regulated bank and to satisfy OSFI requirements.

Portfolio Plus implemented its Portfolio+ deposit/banking solution with an Implementation Strategy Workshop, migration and technical support, and training to prepare HomEquity Bank for OSFI review and live operations. The result: HomEquity Bank went live on October 20, 2009, secured OSFI approval, and now manages over half a billion dollars in deposits with just two full-time staff, giving the bank flexible funding via adjustable GIC rates and the ability to scale to meet loan demand.

HomEquity Bank

Scott Cameron

Vice President of Finance and Deposit Services