IMC Mortgage Corp. has started originating loans in Ontario, Canada, this quarter and plans to extend it efforts throughout the country by yearend.
The opportunities in the country are immense, said Dennis Pitocco, director of international opportunities for Tampa-based IMC. "Canada has no structured nonconforming market," he said. Borrowers who don't qualify for bank loans have no other option but private investors if they want to buy a home, he said. "There are very few people in our business in Canada."