Reviews of MCAP (Bank)

Maria Cecilia Nunez

Worst company ever ...

Monique Paquette

Be sure to fully understand your contract before signing. Lots of hidden rules and sneaky tactics. Horrible customer service experience every time I've had to speak with them. Would absolutely not recommend this company for your mortgage needs.

Jenn Gaudet

They have an excellent customer service management team that I found very helpful and compassionate. I recommend them

Amanda Reed

Find someone else to trust with your largest asset. They are totally inept, especially their accounting department, and as a result, I'm still having to deal with them months after my losing date. I can't believe customer service has been rated well by others- it takes days for someone to respond. I refused to call because I want everything in writing, so e-mail seems somewhat tough for this company as well as math. STAY AWAY. Seriously.

Ronn Prpich

I've been with MCAP 10 years now. Great experience everytime. Fast courteous customer service and support especially during a difficult situation I endured, MCAP was there to help. Thanks so much for providing a worry free mortgage.

Hameed Talebi

Overall a good mortgage company. very user friendly website. I like the fact that they pay the property tax; so one less payment to think about.

Jeremy Mercer

I've held a mortgage with MCAP since 2017. My experience has been mixed. I recommend you don't deal with MCAP if you are short of patience or appreciate good customer service. I switched my mortgage to MCAP in 2017 when my existing mortgage was up for renewal and my bank refused to negotiate my interest rate. A mortgage broker offered a good rate with MCAP so I decided to sign with them. In September 2020, I purchased a vacant acreage and contacted MCAP to renegotiate my existing mortgage. I wanted to access the equity in my home to pay for the acreage and have both properties listed under the one new mortgage. They said this would be possible so I started the process. Now, I'm having some regrets. My issues: 1. Interest rates. MCAP said that the rate they offered on my original mortgage was no longer available. They best they could do was 0.1% higher. I had a variable rate mortgage, not fixed, so essentially they were saying that they were not prepared to offer me the same discount on the prime rate. This is annoying but not a deal breaker. In the end, I opted for a fixed-rate mortgage on my refinance. While on the subject of interest rates, I should say that MCAP was slow to adjust my rate following BoC rate decisions. It would take two or three weeks for the lower rate to be passed along. I didn't experience rate increases during my term but I'm willing to bet they would have been a lot more prompt. In MCAP's favour, at least they passed along the full rate reduction. In the past, when one of the big banks was my mortgage holder, they would sometimes withhold some of the rate change. For instance, the BoC lowered rates by 0.25% but the bank passed along only 0.15% of that to me. 2. Documentation. The number of hoops I had to jump through to secure this refinance bordered on the ridiculous. Some of it was expected: employment letters, appraisal, tax statements, proof of insurance. Some of it was seemingly silly, for instance, the power purchase agreement for the solar panels on my roof, which took ten days to get reviewed and approved once I submitted it. It took six weeks to get the refinance completed, mostly because of endless documentation requests. They asked for all of the expected stuff up front, then would come back days later saying "oh, just one more request" and so on. In the case of insurance, they requested that I change the payee on my policy to say "Computer Share Corp, c/o MCAP". So, after two hours on hold with the insurance folks, I did that. Then a week later, they said "we don't want it to say Computer Share Corp, we just want it to say MCAP." I attempted to argue this with my account rep but she said "this is a funding requirement" and ignored my requests to intervene. For other documentation, they would ask for something, I would upload it to the portal, then two weeks later they would request it again. Really frustrating. Gives the impression that they don't have their act together. 3. Customer service. I've already outlined some of my customer service issues in the point above, but that is not all. The initial paperwork MCAP sent to my lawyer had a monthly payment schedule, despite my existing mortgage being weekly. I crossed off the monthly option and selected weekly when signing the papers. Following that, I contacted my account rep to ensure they knew I wanted weekly payments. She said "don't worry, we will correct the issue when the final approval goes through." When the refinance was approved and funded, the payment schedule was monthly. I tried to use the online portal to fix this but the change wouldn't take effect for a month. I contacted my account rep who said, "since you've already made the request to fix it online, there is nothing I can do on my end. You'll have to call customer service." So I called customer service. They forwarded me to the welcome team. The guy I got kept cutting me off as I was trying to explain my problem and finally said "there is nothing I can do, I need to escalate. You might get a response in two to three days."

Gagandeep Singh

Best in Class!! Great place to work and excellent services provided.

Stephanie Duggan

Horrible customer service. We switched to MCAP in January and it has been something but a hassle since. The approval process was complicated and they seemed to need more information every time we sent something. Our income is very straightforward and salaried so we were confused why they kept asking for more information. They seemed confused how they were interesting a raise my husband had received and acted like it was a negative. Now 4 months in, we switched our home insurance company. We thought our new insurance company notified them of the switch. When they got notification of the cancellation of our hold policy, they sent a condescending letter worded as if they were making the assumption we had let our insurance lapse. We responded immediately as requested and sent them a copy of our new policy to the email address they had provided in their letter. The letter said we had 30 days to send confirmation or they would start to charge us $400 for their own fire insurance. We got an email confirmation that our email went through and it would be processed within 2-4 business days. Yesterday they took $400 out of our account with no follow-up. When we called they said it will take them 2-3 days to look for our email from April 28 and even when I resent it they said it would take them 2-3 days to look for it. When I asked why it takes so long to look for an email, I got an “we understand your concern” blanket response. They need to get better at processing important emails before taking $400 out of a customers account without any follow up.