It posts sustained strength despite pandemic woes
In the wake of a strong 2020, MCAN Mortgage Corporation has been hailed as an industry leader in gender diversity for the second year in a row.
With 60% of its executives, including the president and CEO posts, being held by women, MCAN posted a markedly higher share of women power players than the average of 44% in The Globe and Mail’s “2021 Report on Business Women Lead Here” list.
“Diversity, including gender diversity, is important to cultivating an inclusive, collaborative and diverse culture,” said Karen Weaver, MCAN president and CEO. “We are proud of the diversity among our team members, where our internal surveys indicate that in addition to over half of our team members identifying as female, more than 70% identify as ethnically diverse. Our diverse team members contribute to MCAN’s environment, rich in active learning, teamwork, inclusion and belonging.”
This commitment to a broader palette of experiences played a significant role in the MIC’s strength during the pandemic year. MCAN’s uninsured single family originations totalled $283 million in 2020 (up by 27% annually), while insured single family originations amounted to $616 million (up by 166%).
Securitized mortgages totalled $1.14 billion, growing by 45% year over year.
“Our single family market share increased by 125% year over year and more than 200% quarter over quarter,” MCAN said. “The low interest rate environment and work-from-home situation created by COVID-19, created a very robust real estate and mortgage market that we were able to capitalize on.”
Weaver cited the low-rate environment and shifting housing preferences as the main drivers of the MIC’s strength.
“We expect to continue profitable growth in our mortgage assets and in our marketable and non-marketable securities and remain focused on guiding the company through the continued impacts of COVID-19,” Weaver said.
