Advance of Funds
EFT Funding Process:
MCAP will only disburse mortgage advance funds via Electronic Funds Transfer (EFT).
MCAP requires the Request For Funds 2 business days prior to the scheduled closing date to fund your deals. If a funding is required and there are less than 2 business days to disburse - additional processing fees may apply.
All solicitor documents must satisfy MCAP requirements otherwise the funding will be delayed. If satisfactory documents are not received, MCAP will require funds to be returned immediately.
We no longer have standard processes in place to send Mortgage Advance cheques via courier. To the extent that EFT is not utilized, additional charges will apply.
If MCAP does not have your banking details on file, you must fill out a Direct Deposit Form which is linked to your Trust Account. The Direct Deposit form can be faxed to us and must be received at least 7 working days before the funds are required. The Direct Deposit form is included in your Instruction package.
For a delayed closing, the solicitor is required to inform MCAP immediately and return funds to MCAP by 4pm the day following the scheduled closing date.
Interest will accrue on the funds advanced from the Advance Date. If the funds cannot be disbursed on the Advance Date, they must be returned to MCAP by no later than 4:00 pm on the day following the Advance Date. If the funds are not returned by this time, you will be responsible for all costs incurred, and for remitting funds and accrued interest to us.
Funds can be returned by wire to MCAP as follows:
Bank: Bank of Montreal 001
Transit: 22 Account #: 1585378
Reference: Include a reference to both your firm name and the MCAP Mortgage Number