What is a MIC?

A Mortgage Investment Corporation (MIC) provides a way to invest in the real estate market, mitigating the time and risk of investing in individual mortgages. Investors pool their money by buying shares in a MIC, creating an alternative fixed-income investment. MICs are special companies created by virtue of Section 130.1 of the Income Tax Act, a federal statute, to enable investors to invest in a pool of mortgages. 

How long has BCMMA been around?

BCMMA was founded in 2010 and has been growing and playing a bigger role in industry ever since.

What was the BCMMA established for?

It was established to:

1) Facilitate the exchange of information and best practices within the industry,

2) Educate both regulators and the public on what a MIC is and its role in the economy,

3) Establish and uphold MIC industry standards for ethics, education and professionalism.

Are all MIC’s in BC a part of BCMMA?

No.  Only MIC’s that applied for membership and approved by 2/3rds or more of BCMMA membership ballots casts.

What is the BCMMA doing to showcase their leadership in the industry?

BCMMA is very active utilizing several committees and their elected Board of Directors to actively engage with regulators to not only forward the business, but to protect the many stakeholders that affect the business.  This includes borrowers, investors, banks and credit unions, lawyers, appraisers, and others in the financial services industry.