MCAP: Policy Updates

Effective immediately, MCAP can now qualify conventional transfers at the contract rate subject to the following criteria:

• Insurable transfers - qualify at contract rate if at renewal or mid-term.
• Uninsurable transfer - qualify at contract rate only if at renewal.
• Mortgage was originated at a Federally Regulated Financial Institution (FRFI). Click here for a list of FRFIs.
• It must be a transfer into a standard amortizingt mortgage product (excludes MCAP Fusion).
• Existing collateral charge mortgages with multiple components:
  • All components are amortizing:
    • Insurable - qualify at contract rate
    • Uninsurable - qualify at contract rate only if at renewal
  • One or more components are non-amortizing - not eligible for qualifying at contract rate
• No increase to remaining scheduled amortization permitted.
• No more than $3,000 in penalty and/or fees can be capped onto the mortgage at the time of the transfer
• Eligible: Standard 3-5 year fixed, 3 and 5 year VIP MPower, Value Flex, POM Cashback.

To review the full details of our transfer programs, visit Products and Programs in Professor.