Mortgage servicing is provided by a wholly-owned subsidiary, Canadian Mortgage Servicing Corporation, established in 2000. Mortgage servicing in Canada is shifting from direct administration by the lenders to sub-servicing from such specialized companies such as CMSC, who are committed to providing the highest servicing standards. This method of outsourcing servicing has been well established 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.
Canadian Mortgage Capital Corporation has invested a significant amount of capital and resources to provide first-rate professional servicing to its clients. Our mortgage system is Altisource’s REALSynergy, an integrated platform of commercial and multifamily loan servicing and asset management technology. Altisource is a global provider of services focused on real estate and mortgage portfolio management. It provides ongoing technical support and updated versions of their mortgage servicing system. It is publicly traded on NASDAQ Global Select Market and has 5770 employees. REALSynergy 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.
To provide top-notch service to our clients, we have also invested 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, who has extensive experience in the mortgage servicing area, having spent over three decades in the industry, including with one of Canada’s largest life insurance and financial services companies. Since joining CMSC, Mary has assisted growing the assets under administration from $100 million to $500 million. Our investor list includes most of the prominent lending institutions such as Manulife, Great West Life, Sun Life and BNP Paribas as well as Midland Loan Services and First National Financial. CMSC also services on behalf of Atrium Mortgage Investment Corporation, a public mortgage investment corporation listed on the TSX.
For information on mortgage servicing, please contact Mary Foley (416) 607-4202.