Toronto-based residential mortgage lender Street Capital Financial Corp. has received approvals from the Canada Mortgage and Housing Corp. (CMHC) to be an approved issuer of National Housing Act mortgage backed securities (NHA MBS) and an approved seller under the Canada Mortgage Bond (CMB) program.
“This is an important milestone for Street Capital,” said Allan Silber, Chairman and CEO of Toronto-based Counsel Corp. (TSX:CSX). Street Capital is a subsidiary of Counsel.
“These approvals will enable the business to access an additional source of liquidity for the mortgages it originates and renews, and to be an approved seller into the CMB program,” Silber said.
Street Capital sources single-family residential mortgages solely through a network of independent mortgage brokers across Canada. The company offers a broad lineup of high ratio and conventional mortgages, predominantly to prime borrowers.
“Broadening Street Capital’s funding capabilities is of benefit to mortgage brokers, who are looking for lenders who can help them grow their business over the long term,” said Paul Grewal, president of Street Capital.
Street Capital originated $1.6 billion of mortgages in the first quarter of 2013 and increased its portfolio of mortgages under administration to $13.3 billion at March 31, 2013 compared to $8.3 billion a year earlier.