If tips==NULL and type="node" (the default) it will return the result of a normal function call to mrca.
If tips=NULL and type="height" it will return a matrix equal to that produced by vcv.phylo.
From phytools 0.5-66 forward findMRCA uses getMRCA in the ape package internally, which results in a big speed-up. Even though the two functions are thus totally redundant I have left findMRCA in the package to ensure backward compatibility.