Q: How do I request a payout statement?
All payout statement requests must be sent in via fax to 1-866-370-0657. Payout statements will be prepared no earlier than 3 business days prior to closing, we request that you refrain from sending in multiple requests.
Q. How long is an MCAP payout statement valid?
Payout statements are valid up to 3 business days after the effective date of payout. If the payout funds are not received by the 3rd business day, the loan will be reinstated. If the closing is delayed, we will require a new payout statement request.
Q: Where do I send a cheque to payout an MCAP loan?
Your cheque should be couriered or mailed to one of the appropriate addresses below:
Address for courier:
MCAP Service Corporation
101 Frederick Street, Suite 600
Kitchener, ON
N2H 6R2
Address for mail:
MCAP Service Corporation
101 Frederick St. Suite 600
PO Box 351 STN C
Kitchener, ON
N2G 3Y9
Q: How/when will I receive instructions?
Mortgage instructions will be faxed to you once MCAP has received the signed commitment from the mortgagor, the insurer's approval and/or MCAP is satisfied with the property evaluation.
Q: When will I receive the Discharge documents?
When we receive the payout funds, we should also receive a letter of direction telling us where to send the discharge documents. The discharge documents will be forwarded to the party mentioned in the Letter of Direction within 60 days after the loan is paid out in full (within 30 days in Alberta and British Columbia).
Q: How do I register a VIP mortgage?
The mortgage is to be registered for a 5 year term at the current MCAP prime rate, as outlined on page two of the mortgage commitment under "Special Conditions Precedent to Advance".
Q: How do I register a Home Account/Home Account Plus mortgage?
The mortgage is to be registered for the applicable term at the current MCAP prime rate. The payment amount should read "see Schedule C."
Q: Which mortgage title insurance providers are acceptable to MCAP?
Stewart Title, Title Plus, First Canadian Title Insurance & Chicago Title.