MCAN reports strong third quarter

MCAN Mortgage Corporation has reported a 48 per cent increase in its net income for the third quarter of 2015 compared with the same period last year. The lender’s net income was $7.2 million driven by higher securitization income from increased participation in the market MBS program; it sold $182 million of new MBS through the market MBS program.  Income from the market MBS program increased significantly due to growth of 151 per cent in the average market MBS mortgage portfolio balance.  Year-to-date net income was up to $23.4 million compared to $18.3 million in the same period of 2014.

Mortgage interest income decreased from $12.8 million in the prior year to $12.3 million in the current quarter. Impaired mortgages decreased from $5.7 million at June 30, 2015 to $3.7 million at September 30, 2015.  Impaired uninsured single family mortgages increased by $2.0 million during the quarter, relating primarily to mortgages in Ontario and one mortgage based in Alberta.

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