One-on-One with MonCana Bank’s James Clayton

Moncana-logoWith the official arrival of Canada’s newest bank, MonCana Bank of Canada, we went to President, James Clayton, for a rundown of how it will do business and what it’ll offer consumers.

Clayton graciously sat down with CMT to explain the Calgary-based bank’s dedication to the brokerage industry, its product types and its future product plans. Clayton also offered up his thoughts on the importance of rates vs. a greater package.

One thing that caught our attention is that MonCana will offer 40-year amortizations on conventional mortgages, a rarity these days.

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(Length: 8 min., 25 sec.)


Interview transcriptMonCana Bank – President, James Clayton

Prior related story: MonCana: Canada’s Soon-to-be-Newest Bank

  1. I dont understand how these lenders expect to take market share away from other similar lenders (street capital, resmor, mcap, etc) when they arnt planning on providing anything substantially differant. Same old rates, same old product. I will not be sending any of our volume to these guys, just doesnt make sense. My prediction is that these guys will not succeed in this market.

  2. Moncana will be successful because it’s run by the team that built Resmor into a billion dollar lender. Moncana’s advantage over Street, Resmor and other monolines is its deposit taking ability. That will allow for more flexible products and competitive rates. Yes, I know Resmor took deposits also but it funnelled most of its deposits to GMACs auto business.

  3. Hi cj. Have to agree. Does the broker world need another lender doing the same thing? I think not.
    And Steve you say they will be successful as it is the same team that built Resmore and they will be taking deposits? FYI Resmore is done. Also the deposit taking indusrty is extremely competitive. Until this story I have never heard of MonCan. Over the past few years Ally Bank spent a crazy amount of money advertising only to gain a minimal amount of deposits. It takes years and millions of dollars to get your name out there.
    I never wish failure on any company however it will be very difficult for them.

  4. Resmor sold for tens of millions of dollars. I’d say they were pretty successful.
    About deposits, Moncana uses deposit brokers so there is plenty of access to deposits.

  5. I noticed that when we lose lenders from the market the surviving lenders get their noses up and the service and product suffer. Competetion is good in all business, More the merrier! They want our business (customers) we want service and loyalty, it works both ways. If we have more choices, the better everybodys service gets. IT is good for the customers andfood for us!
    Great Luck MonCana, let it be more-cana!!

  6. I wish James and Gerry nothing but success. The channel can always use a new bank to improve competition. I’m sure that brokers and the public will welcome Moncana with open arms.

  7. How do you conclude that Ally has a “minimal amount of deposits?”
    Do you know how many billions in deposits Ally Canada has? Why don’t you cite your source.

  8. If anyone knows how this business works, then having more options, ergo more lenders is good. They must be competing for something out there which sustains our market and livelihood. Let’s see, of course another banker(99) doesn’t want to see anymore competition. Having a bank for the brokers that doesn’t have branches for our clients to walk into is a great thing. Bring it on Moncana!!

  9. Resmor sold for 100’s of milions after being in the market for less than a decade & you think these seasoned vets won’t create another great lender again??? apparfently you are commenting without any real insight to the industry. I would recommend doing some research before you write a comment next time. I welcome MonCana, the more competition there is the better for the consumer & my business!

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