In May 2000, Canadian Mortgage Capital Corporation started a mortgage servicing operation through a newly formed subsidiary, Canadian Mortgage Servicing Corporation "CMSC". Mortgage servicing in Canada is beginning to shift from administration by the lenders directly, to sub-servicing from such companies as CMSC, who are committed to providing the highest servicing standards to its investor lenders and borrowers alike. This method of outsourcing servicing has been well rooted in the United States market where over 70% of commercial mortgage administration is handled through sub-servicers. By outsourcing its mortgage servicing, lenders avoid the additional costs caused by servicing in-house as well as the time invested in this activity.

Since committing to this segment of the market, Canadian Mortgage Capital Corporation has invested a significant amount of capital and resources to set the foundation for a company that can grow in size and not compromise its professional servicing standards. Our mortgage system is the Mortgage Manager II, which is supported by CGI Group Inc. a publicly traded company with stock listed on the TSX and the NYSE. Founded in 1976, CGI is the largest Canadian independent information technology (IT) services firm and the fourth largest in North America, based on its headcount of more than 20,000 professionals.

The Mortgage Manager II system is used by other financial institutions and can handle the complex servicing reports required by investor lenders, particularly the mortgage conduit lenders whose business is modeled after the US process and who have the most stringent sub-servicing requirements. In order to ensure that CMSC can meet these investors requirements, we also invest in human resources, by hiring experienced servicing professionals, who understand the business and can provide the highest level of service. 

The Manager, Mortgage Servicing is Mary Foley, a very experienced individual in the mortgage servicing area, having spent over 25 years with one of Canada’s largest life insurance and financial services company. Since joining CMSC, Mary has assisted in the growth of the company’s assets under administration from $100 million to over $600 million. Our investor list has also expanded and now includes most of the prominent lending institutions such as Manulife, Great West Life, Sun Life and BNP Paribas as well as Midland Loan Services. CMSC also services on behalf of DB Mortgage Investment Corporation.

For information on Canadian Mortgage Servicing Corporation, please contact Mary Foley 416.607.4202.