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Our History

In 1981, three independent investment bankers had a vision: to form an independent provider of financial solutions offering unparalleled expertise in certain chosen markets. The insight provided by the founders allowed MCAP to continually grow and evolve and paved the way for the company’s vision today - to be the largest Mortgage Finance Company in Canada.

It started with the acquisition of a small trust company - Interior Trust - and it is here the MCAP story begins. Over the years, as the vision gained momentum, everything changed and then changed some more - everything, that is, except the focus on providing superior economic value to our customers while maintaining an unsurpassed reputation for adherence to investor and lender standards, regulatory compliance, and integrity and trust. This mission still guides MCAP today.

Here are some key dates in the history and evolution of MCAP:

  • April 1985: Interior Trust's early success attracts the attention of Waterloo, Ontario based Mutual Life of Canada - at the time, Canada's third largest insurance group - which acquires a 75% interest in the re-named Mutual Trust Company. 
  • November 1991: Mutual Trust, through its wholly owned securities dealer, establishes a tax efficient Mortgage Investment Corporation called MTC MIC. Through a national prospectus, the MTC MIC offers shares to the public and is listed on the Toronto Stock Exchange. 
  • October 1992: Mutual Trust acquires Focus National Mortgage Corporation, which provides the company with a major base of operations in British Columbia and a knowledgeable team of mortgage experts. 
  • June 1993: Mutual Trust assumes responsibility for the national operations of Mutual Life's residential mortgage business and begins to manage, together with its own operations, the Residential Mortgage Division of The Mutual Group as a single entity. Mutual Life laid the groundwork for this business reorganization in February 1993 when it acquired the minority interest in Mutual Trust from the founders to increase its ownership of Mutual Trust to 100%.
  • February 1997: MCAP Financial Corporation is incorporated as a wholly owned subsidiary of Mutual Trust and manages the Residential Mortgage Division of The Mutual Group. 
  • January 1998: MCAP Financial Corporation sees an opportunity to re-position the residential mortgage operation as an independent entity which can originate, trade and manage assets not only for The Mutual Group but for a broad range of institutional investors as well.
    MCAP Mortgage Corporation and MCAP Service Corporation are formed and Bank of Montreal joins Mutual Life as a 40% equity shareholder in each business. MCAP Financial Corporation holds a 20% interest in this new company.
  • January 2000: MTC MIC merges with MCAP Financial Corporation, is re-named MCAP Inc., and continues as a publicly traded mortgage investment company. The commercial and new home construction mortgage origination and servicing business and the 20% interest in the residential mortgage businesses is continued by MCAP Inc. in a new wholly owned subsidiary which is named MCAP Financial Corporation. 
  • August 2001: MCAP Financial Corporation acquires MTC Leasing, a Burlington, Ontario based equipment financing company. 
  • February 2002: The Caisse de depot et placement du Quebec (CDP) enters into a partnership with MCAP Inc. and acquires a 50% equity interest in MCAP's commercial and construction business through a new entity called MCAP Commercial Limited Partnership (MCLP). 
  • April 2004: CDP rolls its own commercial and construction mortgage origination and servicing business into MCLP and increases its equity position in MCLP to 75%. MCAP Inc.'s equity position in MCLP is 25%. 
  • November 2010: MCAP sells its ongoing equipment leasing operations to a Canadian financial institution. 
  • April 2012: MCAP purchases the remaining 80% interest in MCAP Service Corporation. 
  • June 2012: MCAP acquires ResMor Trust Company’s mortgage operations and certain assets.
  • March 2014: MCAP achieves investment grade rating from DBRS; and MCAP completes first issuance of 5-year Senior Secured Notes.
  • April 2014: MCAP issues first prime Residential Mortgage Backed Security (RMBS) in Canada consisting of a pool of approximately $200 million uninsured conventional prime single-family mortgages.
  • December 2014: MCAP issues its first Commercial Mortgage Backed Security (CMBS) consisting of a pool of approximately $224 million commercial mortgages. MCAP is only one of four CMBS issuers in Canada since 2007.
  • April 2018: MCAP issues the first dual-rated, non-bank prime RMBS in Canada consisting of a pool of approximately $250 million uninsured conventional prime single-family mortgages.
  • August 2018: RFA launches RFA Mortgage Corporation (RFA) with MCAP signing a long-term servicing agreement with RFA.
  • October 2019: MCAP surpasses $100 billion of Assets under Management with RFA's acquisition of Street Capital and Street Bank of Canada, and MCAP enters into a management agreement on the related $26+ billion portfolio.

MCAP now has more than $140 billion in assets under management with annual new asset production of more than $15 billion and has become one of Canada's largest Mortgage Finance Companies - and a real Canadian success story!

With institutional shareholders/partners representing some of Canada's largest financial institutions, a clear and visionary strategic plan, and strong brand equity, MCAP is a dynamic company which is still anchored today by the core mission of its founders as it continues to grow. 

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