The official hand-over of ResMor’s residential mortgage division to MCAP has been pushed back to May 1, MortgageBrokerNews.ca has learned.
In the meantime, the operations continue as usual for the broker channel lender, which will ultimately be rebranded as RMG Mortgages after MCAP formally takes the reins next month. The new date likely reflects the massive undertaking involved with the transaction.
In February, ResMor marketing suggested that transfer will take place as early as the end of last month, with the completion of MCAP`s agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company.
After those “I’s” are dotted and “Ts” crossed, the operation will remain a separate division with the MCAP family, with the bulk of ResMor`s current residential mortgage team expected to stay with RMG.
For ResMor`s current crop of broker-partners, the structure means little will change, although all new mortgages originated through the operation will carry the RMG brand as a division of MCAP and its funding facility. RMG will continue to serve the existing portfolio.
Earlier this year, MCAPs described the ResMor mortgage book as “a perfect fit” with its long-term growth strategy, representing a nearly $6 billion addition to its servicing portfolio.
Brokers are now waiting for details on what if any aspect of ResMor`s product line will be tweaked under MCAP.
“I hope MCAP doesn’t change a thing with ResMor!” wrote a MortgageBrokerNews.ca reader in January.
But MCAP`s decision to hang onto the “vast majority” of ResMor’s residential mortgage team should give the lender a leg up in retaining the broker relations ResMor has built.
“MCAP has agreed to retain the vast majority of ResMor’s residential mortgage operation employees, including its originations and servicing teams,” Jack Shapiro, VP Marketing & Communications at MCAP, told MortgageBrokerNews.ca.