In October 2002, ResMor Capital Corporation and Equisure Financial Network Inc., a subsidiary of ING Canada, entered into an agreement for ResMor to purchase Nova Scotia-based Equisure Financial Management Limited, the parent company of Equisure Trust Company and Evangeline Securities Limited. The acquisition provided ResMor with the ability to accelerate its plan to launch a national mortgage banking company by building a CDIC-insured, federally-regulated trust company upon Equisure Trust’s mortgage lending and distribution infrastructure. After the completion of the acquisition, ResMor moved operations to Calgary, Alberta.
As a TriWest Partner Company, ResMor originated mortgages through a network of brokers. These mortgages were underwritten and funded on an interim basis through ResMor’s ability to accept retail deposits as a CDIC-insured member. The mortgages were then assembled into pools and then sold either as Mortgage-backed Securities or directly to financial institutions.
ResMor operated primarily as a mortgage banker by originating, selling and servicing mortgages. While in partnership with TriWest, ResMor’s primary focus was on insured mortgages, which were in high demand from financial institutions. This demand provided the opportunity for ResMor to originate and sell mortgages to these institutions and to provide ongoing servicing and administration after the sale.