Earnings
November 23, 2017 - BNE
New! Bonterra Energy Ltd. Q3-2017 Earnings & Price Target Update .....
November 22, 2017 - DR
New! Medical Facilities Corp. Q3-2017 & Price Target Update .....
November 20, 2017 - HLP.U
New! Mainstreet Health Investments Inc. Q3-2017 Earnings & Price Target Update .....
November 18, 2017 - ARX
Arc Resources - Q3-2017 Earnings & Price Target Update .....
November 16, 2017 - PEY
Peyto Exploration & Development Corp. Q3-2017 and Price Target Update .....
November 16, 2017 - HR.UN
H&R REIT - Q3-2017 Earnings & Price Target Update .....
November 15, 2017 - REI.UN
Riocan REIT - Q3-2017 Earnings & Price Target Update .....
November 14, 2017 - CRR.UN
Crombie REIT - Q3-2017 Earnings & Price Target Update .....
Recommendation Changes
BNE, HLP.U, PEY, HR.UN, REI.UN, more...

MCAN Mortgage Corp. Q1-2017 Earnings & Price Target Update

This is only a sample of the article, please login to view the entire article

MCAN had $2.3B in mortgage assets as of Mar-31-2017 compared to 2.3B at Mar-31-2015. This includes $1.1B of mortgage loans which they hold directly referred to as corporate assets and $1.1B of securitized mortgages which are pools of mortgages. From time to time they will transfer mortgages into securitized mortgage pools or buy mortgage pools, however this is the lower margin portion of their business. All income is mainly derived from originating and holding mortgages secured by real estate and to a lesser extent from their investment in MCAP. Securitization activities contributed about 20% of profits, 70% from corporately held mortgages and the balance from the investment including MCAP and the Crown LP. Net investment income from holding mortgages is dependent from the difference or spread between amounts earned on mortgage assets and the cost of the term deposits they issue to fund the loan portfolio.

MCAN owns 14.4% interest in MCAP, with the balance primarily owned by the Caisse de dépôt et placement du Québec. MCAP is one of Canada's leading independent mortgage financing companies, operating in three lines of business: residential mortgages, commercial mortgages and construction loans. The total investment in MCAP is approximately $50M which is providing about $8M of income to MCAN. With a professional staff of over 500 across Canada, MCAP originates, trades and services residential, construction and commercial assets on behalf of a stable of over 35 institutional investors. MCAP is the second largest mortgage finance company in Canada with $56B of mortgage assets under administration.

During Q2-2013 they acquired Xceed Mortgage Corp. for $53M. Xceed is a specialized, single family insured and uninsured residential mortgage lender, focused primarily on the insured area of the mortgage market and, in recent years, has been focused on winding down its legacy securitization portfolio.

You must be a member to view the entire article, please subscribe or login


Login
Username
Password
New Issues & Acquisition
November 17, 2017
New! Coverage Universe - Weekly Price Changes Nov 10-17, 2017
November 10, 2017
Coverage Universe- Weekly Price Changes- Nov 3-10, 2017
November 3, 2017
Coverage Universe- Weekliy Price Changes- Oct 27 0- Nov 3, 2017
October 27, 2017
Coverage Universe- Weekly Price Changes- Oct 20-27, 2017
October 26, 2017
Osisko Gold Royalties Ltd. - New Convertible Debenture
October 26, 2017
Surge Energy Inc.- New Convertible Debenture
October 20, 2017
Weekly Price Changes Oct 13-20, 2017
October 13, 2017
Weekly Price Changes Oct 6-13, 2017