MCAP feasts on FirstLine spoils

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New volume numbers suggest MCAP was the chief beneficiary of FirstLine’s shutdown.
 
“We are very pleased with the results that we achieved in 2012, but the numbers are skewed with the exit of FirstLine,” Gino Tieri, VP of sales for the monoline, told MortgageBrokerNews.ca. “Our success is more than just about rate and comp.”
 
Skewed or not, it was MCAP who benefitted most from the demise of the popular monoline last year, as Scotia, First National and Street joined MCAP in gobbling up broker deals that would normally have gone to industry giant FirstLine.
 
MCAP's consolidated volume market share numbers are impressive, boasting a year-over-year increase of 35.2 per cent for 2012 over 2011. An impressive 51.2 per cent increase in volume for Q4 2012 placed MCAP third in consolidated volumes, only behind First National and Scotia Mortgage in the recently released Lender Insights report rankings.
 
“We’ve been doing this for more than 20 years, and we couldn’t do it without the loyal following of brokers,” points out Tieri. “We believe that if we can create an efficient and seamless way to do business with the broker, that efficiency is passed along to the client, too.”
 
One of the efficiencies utilized by registered brokers with MCAP is the Professor Technology portal, says Tieri, along with programs such as the Broker Advantage Initiative, seen as an integral part to ensuring brokers keep coming back.
 
“The little things help. MCAP had a booth at the Calgary Home Show, and we gave it up to the brokers to help them promote themselves,” says Tieri. “Their success is our success.”
  • Joe the Broker on 2013-03-07 4:01:08 AM

    Good for MCAP , you lose CIBC.

  • Ontario Mortgage Broker on 2013-03-07 4:49:03 AM

    Does CIBC own any portion of MCAP? Other banks do.

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