Tru Cooperative Bank expands mortgage services into Ontario with MCAP partnership
Tru Cooperative Bank is expanding its mortgage services into Ontario. The move marks the bank’s first major step outside British Columbia, where it has operated for over 80 years. A new partnership with MCAP, a leading Canadian mortgage lender, will support this growth.
The expansion centres on Tru Cooperative Bank’s Mortgage Broker Centre, which will now serve Ontario. Previously known as First West Credit Union, the bank is entering the market as a well-established financial cooperative. CEO Launi Skinner described the move as part of a long-term plan to grow carefully and sustainably.
Under the partnership, MCAP will handle underwriting, adjudication, servicing, and administrative tasks. Tru Cooperative Bank will provide the funding for mortgages. This setup allows the bank to extend its reach while keeping risk management strong and cooperative values intact. To strengthen its presence, Tru Cooperative Bank is hiring dedicated local staff in Ontario. These team members will work closely with licensed mortgage brokers, ensuring tailored support and market knowledge. Paul Bruce, Executive Vice-President of Single Family at MCAP, highlighted the pride in collaborating with the bank on this national expansion.
The partnership with MCAP enables Tru Cooperative Bank to enter Ontario’s mortgage market efficiently. By combining MCAP’s expertise with its own capital, the bank aims to serve more clients while maintaining its cooperative principles. The expansion also aligns with the bank’s broader strategy to grow its broker channel beyond British Columbia.
