Funds for Payout of Mortgage
Electronic Payments for Payouts Process:
MCAP, RMG and Eclipse are moving towards new requirements where we will only accept funds for payout of mortgages via Wire, Electronic Data Exchange (EDI) or Electronic Funds Transfer (EFT).
This new process will eventually replace paper cheques, and we believe this change will support improved efficiencies and a better experience for both solicitors and homeowners.
Below is the banking information for your convenience.
It is mandatory that the mortgage number and/or homeowner name is submitted with the electronic payment and immediately following the EFT submission, an email is directed to: Payoutfunds@mortgageservicing.ca
The email must contain the following homeowner details:
- Full address
- Mortgage Number
- Full Amount of payout funds
- Attached file of supporting documentation or Letter of Direction
Beneficiary Name and Address:MCAP SERVICE CORPORATION
200 King St. West Suite 400
Toronto, ON M5H 3T4
Beneficiary Bank Name and Address:BANK OF MONTREAL
First Canadian Place
100 King St. West
Toronto, ON M5X 1A1
Beneficiary Bank Account Information:MSC TRUST SOLICITOR ACCOUNT
Bank ID: 0001
Swift ID: BOFMCAM2