MCAN Mortgage Corp. reports sharp drop in earnings

MCAN Mortgage Corp. reports sharp drop in earnings

MCAN Mortgage Corp. reports sharp drop in earnings Net income at Canada’s MCAN Mortgage Corp was down sharply for the first quarter of 2015 compared to a year earlier. The mortgage lender’s net income was $4.3 million for the first three months of this year, down from $7.4 million in the same period in 2014. Mortgage interest income was up though from $12.4 million in Q1 2014 to $12.5 million in Q1 2015. The quality of home loans was also higher with the impaired mortgage ratio falling to 0.45 per cent from 0.50 per cent in the quarter ($8 million compared to $8.4 million at the end of December 2014.)