Xceed Mortgage Corporation is a leading non-traditional residential mortgage lender in Canada.
The company is very profitable, with net earnings growing since 2001 at a compound annual rate of 72.5% to $20.3 million in the 12 months ended July 31, 2006. (and)
Return on shareholders’ equity was 22.9% in the 12 months ended July 31, 2006.
Xceed initiated in mid-2005 a quarterly cash dividend on its common shares, and increased it four times thereafter.
Its common shares are listed on the Toronto Stock Exchange under the symbol XMC.
Xceed helps Canadians fulfill their aspirations of home ownership. Its borrowers range from those who have solid credit and income histories but have not managed to save a down payment, to those who have gone through periods with limited and specific credit difficulties but have since recovered and repaired their credit.
A growing proportion of Xceed's applicants are renters, self-employed entrepreneurs, and recent immigrants to Canada, who may otherwise not conform to the major banks' electronic credit-scoring criteria for prime mortgages.
By meeting the needs of Canadians for alternative financing, Xceed Mortgage Corporation has grown to become one of the largest non-traditional residential mortgage financing companies in the country, operating in a near-prime market that is estimated to have a potential size of approximately $65 billion or about 10% of Canada's total mortgage market.
The company operates in all provinces and is regulated under mortgage broker legislation in each province.
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