Canadians and the broker channel are getting a new mortgage lender.° It’s called MonCana Bank of Canada.
Headquartered in Calgary, MonCana “is focused on the origination, sale and servicing of single family mortgages across Canada. The Bank is dedicated to the brokerage industry, originating both mortgages and deposits through brokers.” (Source)
MonCana is run by James Clayton and Gerry Wagner, who built and sold ResMor Trust to GMAC for an amount rumoured to be in the high $20 million range. Before that, Clayton and Wagner were involved with the development of Bridgewater Bank.
Clayton confirmed with us that brokers will be the only source of mortgage origination for MonCana. That’s a solid endorsement for our channel, which has seen a few lender departures as of late.
Pending OSFI’s final okay, it’s possible that MonCana could launch by the CAAMP Expo in late November. We’ll follow up with details on its products then.
MonCana received its bank licence back in March. It started the OSFI approval process a few years ago (as suggested by this Canada Gazette public notice).
Much of its key staff comes from ResMor Trust (which has been waiting for its own OSFI approval to become Ally Bank Canada).