MCAP Mortgage ServicesPoor service!

This review was posted by
a verified customer
Verified customer
Review updated:

We applied for mortgage loan after having 6 years of good experience and trust with credit cards. Loan officer never calls back until there is any deadline and you leave voice mails and emails for 2-3 days and call their manager or customer service department.

We applied with them 45 days prior to our closing date, submitted all the papers. We didn't get any response until our loan approval date and after 2-4 days effort to contact loan officer. Then by evening we were told about missing papers and request for date extension. after next extended date, same process no response until deadline and call to manager and then told that underwriting will take another 5 days.

Every time we were given lame excuse like due to their cash back promotion they have heavy call volumes. For $1000 cash back you will get $10000 stress and will give another $10000 stress to seller in this market.

Complaint Rating:




I have tried to devise the absolute worst mortgage loan that I can imagine. Fortunately, this loan commitment received is nothing more than a figment of my imagination -- at least, as far as I know.

I made it hard on myself. Although I dreamed it up, the Canada's worst mortgage provider I couldn't include anything that doesn't exist in the market today. So that disqualifies imaginary elements, such as mortgages written on acid-spraying exploding clay tablets. I just took the worst elements of all the existing mortgages and assembled them. Here's what I came up with:

Canada's worst mortgage: MCAP Mortgage Services does not honor promises. If you have a mortgage with MCAP make sure you transfer out as soon as your mortgage comes up for renewal.


I am almost incoherent with anger right now. In a continuing run of bad luck with me and banking, over the weekend I misplaced my long-fought-for MCAP MORTGAGE ATM card. This was very, very irritating, because MCAP MORTGAGE on Tuesday this week was finally going to give me access to funds that I had deposited into that account last week Saturday -- a full 11 days, 7 of them working days, to deposit money from a cheque drawn on a MCAP MORTGAGE branch, deposited at another MCAP MORTGAGE branch, into a MCAP MORTGAGE account. So after waiting and waiting, I finally have the money, but now the ATM card is gone so I can't spend it. Ok, no problem, right? I'll report the card lost, then transfer money from that account into my shiny new Wells Fargo account, where I will have an ATM card sooner than the replacement card from MCAP MORTGAGE will arrive. Or even transfer money into my UK bank account, where I already have an ATM card, though that will take almost as long. But guess what? Apparently your online banking ID is linked to your ATM card number, so when you lose it you get locked out of online banking. So, just when you don't have real-world access to your money, you get locked out of online access to it as well. Phone access? No way, they don't do money transfers over telephone banking. No, not just because the account is locked: not ever.

Okay, I'm not entirely faultless here. I lost my ATM card, that was stupid. But I bank with three other banks. I know for a fact that two of them have their online and ATM card ID systems completely separate. Those two also do money transfers over the phone. This is not rocket science. Why on earth would you lock me out of online banking, anyway? My online banking requires a username and a password -- not my ATM card number or my PIN, even if my ATM card had my PIN scrawled across it in neon lettering. They also have a number of subsidiary stupidities that make the process more painful. For instance, their website lists contact information for lost or stolen credit cards. Except that number doesn't work properly: I have to call it three times to get it to even ring. Once I get through on that number, a pleasant man asks me to identify myself with various pieces of personal information. I do this, and then he informs me that no, this is the credit card number. ATM cards are a different number. Is that number on the website? Had I missed it? No, it's an internal number. He'll transfer me.

He transfers me, and an automated prompt asks me for all the same information again. I enter that information, and somebody picks up. The system has worked out that I'm a Global Executive Banking customer, a special designation which, despite the name, seems to mean "make things inconvenient for this guy. Not just a bit tricky like normal, but really stupendously unhelpful." A man answers the phone and asks me for the same personal information again. Why, I ask, is it necessary for me to identify myself to him if I identified myself before he even picked up? Apparently "that's the automated system". Yes, I know, and all the other automated banking systems I've ever dealt with are quite capable of flashing up my verified identity on the screen of the person who answers the phone. No, not MCAP MORTGAGE, not for their global executive banking customers, apparently.

After I discover the bad news about the online banking, I immediately call them back trying to transfer over the phone. No, I can only do it over the phone or by going into a branch during working hours. Oh, wait, you're a Global Executive Banking customer, a program which, let's remind ourselves, is supposed to be designed for people who live outside of the US and therefore can only conduct banking over the phone. Well, of course you have a way to transfer money by phone, sir. You have to call another number though. Between 9 and 5pm. Eastern time. Sucks to be a Japanese global executive, huh? You can only do your global executive banking in the middle of the fu***ng night!

I am disgusted at the levels of service these ### have shelled out to me, while insincerely thanking me for my custom at the end of every call. As soon as is technically feasible I am shunting all my money straight out of there and closing the account. And if I could set fire to their web page, I'd do that too.
It has not been a good day.

More MCAP Mortgage Services Complaints & Reviews


  • Fi
    firstname, lastname Sep 05, 2020

    Hello, i've been with MCAP tens years and renewal is coming up. Have made payments consistently, not deferred payments during Covid nightmare and paid an additional $26, 000 above regular payments. Online i see that MCAP is offer for example 5 year fixed terms at 2.1% but as an early signing 'deal' they are offering me 4.090%, yep that's more than twice the current median mortgage rates in the marketplace. lf i opt for 1 year 'open' it would cost 7.45%. Had already decided to migrate my mortgage over to my bank due to previous dirty tricks and 'rude' renewal manager and also rude service people. Right now my mortgage guy at the bank suspects that i am a deadbeat because punitive rates i've been dealt are usually offered to bad boys. Got MCAP through a broker, he got a better kick back from them i suppose. l trust the broker he couldn't have known MCAP was crooked... l recommend not borrowing from MCAP and get out before they try to gouge you too!!!

    0 Votes
  • St
    Stella24 Apr 12, 2018

    I would not recommend this company to anyone. My husband and I started our renewal process of the mortgage at the end of January. We though, that 3 months before our due date of our actual mortgage was enough to have everything in place. But I was wrong! The broker that was taking our renewal, never answer our emails or our phone calls on time, and when he did, his responses were always the same: "Don't worry, everything is fine". Every time we were able to ask for an update he said that everything was fine for the renewal, when he had no idea of what was going on. Today, with less than two weeks of our mortgage renewal date we have nothing!! so If you dont want to deal with stressful situation, with brokers that do not respect your time and do not value as client, find another company and avoid MCAP.

    -1 Votes
  • Jo
    Johnny Hockey Jan 05, 2018

    I would recommend staying clear of MCAP. We have had a mortgage with them for years, never missed a payment and were pain free customers. We decided to refinance in order to purchase an additional asset using equity. Our broker had us approved in a couple days with TD at a very competitive rate along with favorable T's and C's. The payout was being processed and MCAP blocked the refinancing using a clause buried within their T's and C's. It took one of their legal team to discover this at the 11th hour and we were SOL with TD. We decided our bad for not knowing of the clause which oddly enough the original MCAP representative and our mortgage broker did not know. At the advice of our broker we decided to progress with refinancing with MCAP. We were clear with what we had asked for and they spent weeks sending documents with incorrect information and finally sent us a mortgage proposal which was exactly what we DID NOT request as far as type and term. The proposed rate was high when compared to market and advertised competitive rates. It was substantially higher then the previously approved TD rate, who we didn't have a relationship with. It appeared the MCAP was not in the business of being loyal or supportive of customers who have established a relationship with MCAP. Instead it appeared they viewed this as an opportunity to show us who was boss, as mentioned by our broker. The process has taken almost 2 months and we have had to pay appraisal fees three times due to MCAP's lack of common sense and direction. Absolutely insane and by far the worst experience we have ever had with any sort of financial transaction. I highly recommend looking elsewhere and STAYING AWAY FROM MCAP. They are slow to respond, provide not reasoning or justification for decisions, do not listen and appear not to care.

    Our brokers final comment was "Yes, they are a joke these days." nice to hear when you are in the process of spending into 6 figures for an asset.

    -1 Votes
  • Ha
    haadfadsf Apr 11, 2017

    MCAP Mortgage Process
    My Broker found this laid back MCAP lender for my mortgage loan. We had sent in all of our required documents on time because we had only 7 business days to get everything done before subject removal on the place we were looking to buy. Out of blue, MCAP decided to check on my employer day before the subject removal when they had all documents and time (note: we had sent every piece of information way ahead of time). HR from my company was not able to respond on that very same day due to meetings (this was on a Monday) and MCAP kept us hanging around until very last minute. On the day of subject removal, we got the approval letter from MCAP in the evening which gave us very little time to make the bank draft and sign final papers for the place. Eventually, everything went well and we got the place. I wish MCAP did their part in a timely fashion instead of leaving everything at the last minute. I have 5 yrs to go with this company and after that, I am not going to go with them OR I would recommend anyone to do any business with them.

    0 Votes
  • Em
    Em W Nov 28, 2016

    It's hard to believe this company lists "integrity and transparency" as its corporate values. What a joke! Despite having a signed and pre-approved mortgage, MCAP backed out at the 11th hour the morning I was supposed to sign all the papers with my lawyer for my real estate purchase. Apparently they changed their policy overnight about who they fund. Not only did I have to find another lender at the last minute, I've also had to pay $150 more in legal fees to have all the paperwork redone. I see this as a blessing in disguise because, based on what others have said on this forum, they sound like they could be really difficult to deal with during the lifespan of a mortgage.

    1 Votes
  • Ma
    Maysaa S. Aug 09, 2016
    This comment was posted by
    a verified customer
    Verified customer

    Hi there,
    Terrinlr Lender...i cant agree anymore. i am having problems with MCAP as well, they have renewed my mortgage with them without my consent saying that since i did not reply to a letter they've sent earlier then that would mean that am in agreement with them. Their rate is too high and they had screwed up my credit repot with Equifax badly for two years. All what i got was an apology for the mistake with Equifax but nothing more. Anyhow, i intend to take them to court

    -2 Votes
  • Ch
    Chantal15 Apr 26, 2016

    Terrible Lender! Was offered a mortgage, and I signed the commitment. They tried to get me to pay for the appraisal they need to do! Damn good thing I refused to pay this and they did because they decided to drop my mortgage after the appraisal. Why? Because there's knob and tube wiring left over in the house. The aprraisal CLEARLY says that it's ALL DISCONNECTED. There's also pictures of the upgragded breaker panel with the certified electricians sticker on it but nope... they don't want it. My credit is perfect. I'm putting 20% down but that means absolutely nothing. This lender is absolutely terrible!!

    0 Votes
  • Tt
    ttaaccoo12345678 Oct 29, 2015

    We had our mortgage with MCAP and a line of credit. I have never dealt with such an archaic company with absolutely no customer service. As an example you can only pay down your line of credit monthly and the customer service rep asks me why I would want to make my payments bi-weekly. She had no idea it was better financially for me and every other financial institution allows this. We got out of the mortgage as fast as possible and will soon be getting out of the line of credit in order to break all ties with MCAP. Please do not chose MCAP as a financial institution, you will be sorry!!

    0 Votes
  • Ka
    Kapila Mashona Jan 18, 2015

    I was with Mcap since 2009 till 2014. I am not going to recommend Mcap to anyone due to their
    Poor service. When the renewal comes, They always trying to rip you off.
    One of their comon trick was, delaying the Mortgage approval and giving you different
    Options (Mortgage Insurance, Guarantor...) to choose from.
    I bought my Cottage in 2013 and at that time when I work with my Mortgage broker,
    First thing I said to him was, not to grant the application to Mcap.
    End of last year I switch my Mcap Mortgage to Credit Union. There was no too many paper works or questions.
    Every thing went really smooth and we are really happy with that.
    Never ever trust Mcap. Their Customer service is the worse ever.

    0 Votes
  • Na
    Namewithheld Oct 10, 2014

    Do NOT use MCAP for a mortgage - ever - until they fix their internal systems. We have had week after week of requests for additional documentation and silly requests like you have to pay off your credit cards... What exactly has that to do with getting a mortgage... and this was a port of an existing MCAP mortgage to a new property! And the day that the house deal is supposed to close, they call the lawyers office at 10am and add 7 additional requirements on the deal including more paperwork - some of which we already sent them weeks before. It appears they are so disorganized that you need to escalate to their management chain to get anything done. At the end of this deal, our mortgage broker will never use them again, our lawyer will not take on a client that uses them for financing, and I will never use them again. What a pathetic excuse for customer service.

    1 Votes
  • Cr
    Crediblilty Sep 28, 2014
    This comment was posted by
    a verified customer
    Verified customer

    I am confused over Rvbsks complaint as MCAP Mortgage Services Canada does not have an ATM card and deals in mortgages only. They do not have branches, allow UK or US bank transfers and they do not have loan officers. They are a Canadian Mortgage lender.

    0 Votes
  • Fr
    frustrated101 Oct 22, 2013
    This comment was posted by
    a verified customer
    Verified customer

    Worst customer service I have ever dealt with. Screwed up our tax portion, said they did not take enough off for 5 months. then sent a letter to our old address telling us the the were going to take out "X" dollars. We did not receive said letter and they tried to take out the extra money which was not in the account, charged us $95 fee and the bank charged NSF and called us liars about not receiving the letter. They re-sent the letter and there was a address sticker over top of the old address the had sent it to!! No apology!! That was the tip of the iceberg!! I am getting to pissed off and can not tell you what we have been through since!! They make it like they are doing you a favour when they screwed it up in the first place!! STAY AWAY!! 1 YEAR STILL NOT RESOLVED!! Now they won't let us pay the tax ourselves!!

    0 Votes
  • Na
    Nancy23 Jul 20, 2013

    I provide this experience with MCAP with the purpose of helping others make a decision on whether they want to choose them as a mortgage lender. For the first 5 years or so with MCAP I found them to be straightforward and easy to deal with. No surprises, no gimmicks. Around 2007 or so this changed. Their agents on the phone became more difficult to deal with, they would try to sell me other things like mortgage insurance that I had repeatedly declined in the past. I remember saying at one point in a particular conversation that they were starting to annoy me with their tactics. They backed right off. Fast forward a few years. I was dealing with an agent on renewing my term. In trying to make decision on which one to go with, I asked about early payouts (you never know, you might win the lottery). I tried to modify the wording in the contract but they advised they can't do this. Ok fair enough. I asked the agent about the penalty for early payout (i.e. before the term matures). He repeatedly stated that there is no penalty for early payout and that I could keep his email that said this as evidence of such. This didn't sound completely right to me. Sure enough I later confirmed that there is a penalty for early payout. This isn't surprising, all mortgage lenders work this way, but why be so adamant that there would be no penalty? The icing on the cake was when I was sent mortgage renewal documentation. They offered a 1 year closed term at a "impressive" rate of 5.45%. I laughed. I will not be renewing my mortgage with MCAP.

    1 Votes
  • En
    Enraged senior Nov 13, 2012

    I have been with MCAP for 10 years. At first I have had no problems but now that I am up for the 2nd renewal I am enraged at their dirty tricks. When we first took out the mortgage it we discussed a 20 year mortgage and we arranged bi-weekly payments so that we would be finished at 17 years 7 months. We renewed at 5 years but changed to a variable rate and continued the bi-weekly payments. Now at 10 years we are renewing and they are telling us we have 8 years 5 months left to pay. After much effort to contact them and to discuss this we were told by their "licensed mortgage" specialist that we took out a 25 year mortgage. Long heated arguments and she admitted that it was a 20 year mortgage. She would not or could not explain, then, why the term was longer but said several times who fortunate we were to have shortened the term to 18 yr. 5 mon. as if another year of mortgage payments, principle and interest, is of no consequence to us and we should be grateful to them. After more heated discussion she admitted that their computer had made an error in calculating the payments and they were not taking any responsibility for this added interest that we are paying for this error. Stay away from them. Get everything in writing and check every dot and period. Do not trust them.

    1 Votes
  • Wa
    WAM5 Oct 31, 2012

    My Mortgage Broker found MCAP as a lender for me. If I had done my research in retrospect, I would never had agreed to use MCAP as my lender. Not only did MCAP drive my mortgage broker to the edge of insanity due mostly to unreturned calls and bad service in general. MCAP, after only two months, has misled me, have been given three different reasons after three calls why they are double billing my property taxes. I am going to talk to my broker and my lawyer to see if I can get as far away from them as possible. As a side note, the brokerage company is no longer directing their clients to MCAP. It sucks that it had to be me that it was me and my broker that changed the mortgage broker company's cessation of ties with MCAP. As one more example of MCAP's encourageable policies and practices, they wanted a letter from my ex with a notary public signature. Home buyers, please do not have anything to do with this company.

    1 Votes
  • Ha
    Hanna Feb 10, 2009

    p.s. I ment the last complaint in the comment section.

    2 Votes
  • Ha
    Hanna Feb 10, 2009

    Worst complaint ever. I looks like it was written by a drunk. I didn't understand anything. And I was looking for info on MCAP complaints, before dealing with them...

    2 Votes
  • Jo
    john edmonds Dec 28, 2008

    me and my wife got this house through mcap 14 mth, s a go we put
    $ 32.500.00 down on the house in the 14 mth, s we have bad survice
    and the house we got through mcap well let me tell you the foundation
    has 3 BIG crack, s in it and that where there be for we got the house now the money we put down on the house left us broke we ask for a creit card with a line of $5.000.00 in case something happend to the house or there was something that we didnot see right ? well we where told thay will work on as fast a thay can to date we have not got it and the crack are getting biger
    so we asked for a loan to fix the crack, s it was going to coast $17.000.00
    to fix it we where told no, no do you beleve that i dont now i was hurt at
    5 mth, s a go and have not been payed as of yet the ins is still looking in to it and WSIB SHOCK ME WHEN THAY TRUND IT DOWN I HAVE APPELD IT well i tryed to tell mcap what was going on and thay wont lisen thay only what to know where the money is now there trying to take the house boy ther shere fast at getting that done i class the as morgage slums to date there one day from takeing the house and dont know where my famley is going to go mcap is the worst thing i ever done if your thinking of them as morgagers dont YOU WILL REGRET IT as thay left us with unthing no money AT ALL and now i dont know what to do, when thay done a credit check there where two thing in there and thay didnot even give us the chance to clear it up was take it or leve it that should have told me something right there DONT GO WITH THEM YOU WILL LOSE YOUR HOME I WILL THAY WONT WORK WITH YOU AT ALL

    -1 Votes

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