MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company. The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions.
“This transaction is a perfect fit with the MCAP Group's long-term growth strategy,” said MCAP Commercial LP Chief Executive, Derek Norton. “The addition of nearly $6 billion to our servicing portfolio will help us fully leverage our existing servicing platform. Our current client base of serviced residential mortgages is estimated to grow to more than $31 billion, solidifying our market position. With the addition of ResMor’s professional mortgage staff, key brokers, investors and other business partners to our existing operation, we will be ideally situated to foster strong future growth.”
Steve Maker, MCAP Service Corporation Chief Executive, explained further; “Not only will this transaction immediately add to the MCAP Group asset base, but the incorporation of ResMor’s strong relationships with professional mortgage brokers across Canada, together with the staff who service these relationships, will enhance our ability to grow our share of the residential mortgage origination market through the broker channel.”
MCAP is not purchasing the automotive or deposit lines of business from ResMor.