TORONTO, April 5,
2022 /CNW/ - MCAN Mortgage Corporation d/b/a/
MCAN Financial Group ("MCAN" or the "Company") (TSX: MKP), a
leading Canadian real estate investment firm, announced that
effective April 1, 2022, its wholly
owned subsidiary, XMC Mortgage Corporation, has legally changed its
name to MCAN Home Mortgage Corporation.
The change is being announced in conjunction with the Company's
rebrand to MCAN Financial Group. "This is an opportunity to move
the MCAN story forward," said CEO Karen
Weaver. "There is significant opportunity for company growth
and the development of new strategic partnerships led by our
visionary executive leadership team and the many individuals who
make a daily impact on our business."
MCAN, a federally regulated mortgage investment corporation
since 1991, provides homeowners with customized mortgage solutions
and investors with unique access to the Canadian real estate
market. This change aligns the residential lending business with
the Company's investments and term deposits business channels, MCAN
Capital and MCAN Wealth, respectively.
"MCAN is uniquely positioned for growth and these changes
support our one team, one focus approach to success," said
The Company also announced that Avish Buck, Senior Vice
President and Chief Operating Officer of MCAN Financial Group, has
also been appointed President of MCAN Home.
"MCAN Home represents more than a name – it's a reflection of
the way we partner with mortgage professionals across the country
to design the right mortgage solutions for Canadians," said Buck.
"We like to say that every story begins at home. Our clients, like
our team, are diverse and ambitious. They have unique goals and
stories. We empower them with what they need to achieve those goals
and tell those stories."
MCAN Home originates insured and uninsured mortgage solutions
through a network of accredited mortgage brokers in Canada. MCAN Home has been recognized for
excellence in service and product innovation, and recently launched
a new partner portal to enable real-time deal and document
management for its mortgage broker partners.
"We're growing our business development team with the addition
of Gita Cartwright who will focus on
developing new markets in Atlantic
Canada," said Buck. "We remain committed to building a
better experience for our partners and our clients. Our team is
passionate about service and providing people-first solutions that
honour the trust our partners and clients place in us."
MCAN Home recently introduced a dedicated broker relations hub
to facilitate the efficient packaging of mortgage applications that
fall outside traditional bank guidelines – an area that has seen
significant growth in recent years.
"We work with the best mortgage professionals. Their partnership
and support, along with total commitment from our amazing team and
the visionary leadership of Karen and our Board of Directors, have
driven our growth and success," said Buck. "I'm incredibly excited
to help lead the team into a new era."
MCAN Home's mortgage originations increased 50% from
December 31, 2020 to December 31, 2021, and uninsured single-family
originations increased 103% during the same time period, both
reflecting increased demand for mortgage solutions designed for
Canadians with alternative income, credit, or employment
A Caution About Forward-looking
Information and Statements
This news release contains "forward–looking information" within
the meaning of applicable securities laws. Forward–looking
information can be identified by words such as: "expect," "intend,"
"plan," "seek," "believe," "estimate," "future," "likely," "may,"
"should," "will" and similar forward–looking language. Statements
relating to the impact of the rebranding on the Company and its
subsidiaries constitute forward–looking information. The
forward–looking information contained in this news release is based
on a number of assumptions which we believe to be reasonable,
including assumptions relating to the expected impact of the
rebranding. Forward–looking information entails various risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward–looking
information. Risks that could cause actual results to differ
materially from those expressed or implied in the forward–looking
information contained in this press release include, among others,
general risks relating to capital markets, economic conditions,
regulatory changes and the risk factors set out in the Company's
most recent Annual Information Form dated February 22, 2022, and as described from time to
time in the reports and disclosure documents filed by the Company
with Canadian securities regulatory agencies and commissions.
Forward–looking information is not a guarantee of future
performance, and management's assumptions upon which such
forward–looking information are based may prove to be incorrect.
Investors are cautioned not to place undue reliance on any
forward–looking information contained herein. The Company disclaims
any obligation to update or revise any forward–looking information
contained in this news release, whether as a result of new
information, future events or otherwise, except to the extent
required by law.
SOURCE MCAN Mortgage Corporation