There's more than one way to skin a cat and more than one way for lenders to up their appeal for brokers in an increasingly competitive market.
MonCana Bank of Canada is now offering a switch program with no legal/appraisal fees on CMHC/GW insured mortgages.
“It is something we have been looking at for three months now,” says MonCana Bank president James Clayton. “We wanted something simple and easy for the client.”
The switch program offer is also available on one- and two-year terms, and is offered to their broker network for mortgages currently insured by CMHC or Genworth Financial.
The fees are being handled by an internal insurer, removing one of the extra financial stings involved in switching mortgages from one lender to another (as well as paying the FNF and title insurance costs).
As the mortgage being transferred means that the existing mortgage agreement is transferred at Land Titles – and not registered as a new mortgage – substantial savings are realized by the borrower.
MonCana joined the channel in 2011, headquartered in Calgary with a recently opened office in Toronto.
It is focused on the origination, sale and servicing of single family mortgages, originating both mortgages and deposits through brokers.
MonCana is run by James Clayton and Gerry Wagner, who built and sold ResMor Trust to GMAC, after their involvement with the development of Bridgewater Bank.
“We are always looking at improving, offering more services,” adds Clayton, who hinted that the announcement of a whole new channel is on the horizon for MonCana.