Canadian Mortgage News
December 2, 2011
MCAP Announces Agreement to Acquire the Residential Mortgage Operations and Certain Related Assets of ResMor Trust Company
MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions.
"This transaction is a perfect fit with the MCAP Group's long-term growth strategy", said MCAP Commercial LP Chief Executive, Derek Norton. "The addition of nearly $6 billion to our servicing portfolio will help us fully leverage our existing servicing platform. Our current client base of serviced residential mortgages is estimated to grow to more than $31 billion, solidifying our market position. With the addition of ResMor's professional mortgage staff, key brokers, investors and other business partners to our existing operation, we will be ideally situated to foster strong future growth."
Steve Maker, MCAP Service Corporation Chief Executive, explained further; "Not only will this transaction immediately add to the MCAP Group asset base, but the incorporation of ResMor's strong relationships with professional mortgage brokers across Canada, together with the staff who service these relationships, will enhance our ability to grow our share of the residential mortgage origination market through the broker channel."
MCAP is not purchasing the automotive or deposit lines of business from ResMor.
About MCAP:
MCAP is one of Canada's leading independent mortgage financing companies, operating in three lines of business: residential mortgages, commercial mortgages and construction loans. With a professional staff of over 500 across Canada, the MCAP Group originates, trades and services residential, construction and commercial assets on behalf of a stable of over 35 institutional investors.
About ResMor:
Established in 1964, ResMor Trust Company is a federally regulated trust company focused on providing residential mortgages, mortgage servicing and deposit products through independent brokers. The company has more than $5.9 billion in mortgages under administration representing more than 33,000 homeowners as of December 2010. In addition to mortgages, ResMor Trust provides retail auto financing and offers innovative savings products directly to consumers through the Ally brand.
ResMor Trust Company is a member of the Canadian Deposit Insurance Corporation (CDIC), Registered Deposit Brokers Association (RDBA) and the Canadian Association of Accredited Mortgage Professionals (CAAMP).
ResMor Trust Company is a wholly owned subsidiary of Ally Financial Inc.
MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions.
"This transaction is a perfect fit with the MCAP Group's long-term growth strategy", said MCAP Commercial LP Chief Executive, Derek Norton. "The addition of nearly $6 billion to our servicing portfolio will help us fully leverage our existing servicing platform. Our current client base of serviced residential mortgages is estimated to grow to more than $31 billion, solidifying our market position. With the addition of ResMor's professional mortgage staff, key brokers, investors and other business partners to our existing operation, we will be ideally situated to foster strong future growth."
Steve Maker, MCAP Service Corporation Chief Executive, explained further; "Not only will this transaction immediately add to the MCAP Group asset base, but the incorporation of ResMor's strong relationships with professional mortgage brokers across Canada, together with the staff who service these relationships, will enhance our ability to grow our share of the residential mortgage origination market through the broker channel."
MCAP is not purchasing the automotive or deposit lines of business from ResMor.
About MCAP:
MCAP is one of Canada's leading independent mortgage financing companies, operating in three lines of business: residential mortgages, commercial mortgages and construction loans. With a professional staff of over 500 across Canada, the MCAP Group originates, trades and services residential, construction and commercial assets on behalf of a stable of over 35 institutional investors.
About ResMor:
Established in 1964, ResMor Trust Company is a federally regulated trust company focused on providing residential mortgages, mortgage servicing and deposit products through independent brokers. The company has more than $5.9 billion in mortgages under administration representing more than 33,000 homeowners as of December 2010. In addition to mortgages, ResMor Trust provides retail auto financing and offers innovative savings products directly to consumers through the Ally brand.
ResMor Trust Company is a member of the Canadian Deposit Insurance Corporation (CDIC), Registered Deposit Brokers Association (RDBA) and the Canadian Association of Accredited Mortgage Professionals (CAAMP).
ResMor Trust Company is a wholly owned subsidiary of Ally Financial Inc.