TORONTO, Oct. 12, 2017 /CNW/ - First National Financial Corporation (TSX: FN, TSX: FN.PR.A, TSX: FN.PR.B) today announced it has crossed the $100 billion threshold in Mortgages Under Administration, a significant accomplishment that reflects the Company's stature as a primary lender to Canadian homeowners and commercial real estate buyers.
"Achieving this milestone reinforces First National's position as Canada's largest non-bank mortgage lender and Canada's largest CMHC multi-residential lender," said Stephen Smith, Chairman and CEO. "We are proud of the role our Company has played in helping hundreds of thousands of Canadians to achieve their real estate ownership goals for almost 30 years. My sincere thanks to First National's employees, our institutional partners, the mortgage broker community and our customers for making $100 billion a reality."
A Canadian company, First National opened for business in Toronto in 1988 and has grown to become a nationwide lender across residential and commercial markets.
"$100 billion of Mortgages Under Administration (MUA) reflects an investment in the properties owned by almost 300,000 single family borrowers and over 5,000 commercial borrowers," said Moray Tawse, Executive Vice President. "That's the equivalent of all of the homes in a city the size of Kitchener, so this is a significant milestone for us."
All of the Company's single family origination volumes come through the mortgage broker channel and mortgage brokers play a critical role in MUA growth.
"In serving borrowers and mortgage brokers, First National tries to go beyond what other lenders do to champion each opportunity," said Scott McKenzie, Senior Vice President, Residential Mortgages. "We try to be a reliable delivery partner by responding to 90% of submissions in under four hours. Although we've grown, First National has never lost sight of what it takes to be a leading financial services provider."
Of the Company's now $100 billion book of business, commercial mortgages represent approximately 23%.
"First National is a case study in Canadian entrepreneurship," said Jeremy Wedgbury, Senior Vice President, Commercial Mortgages. "It started with Stephen and Moray working together in a small office on Eglinton Avenue and now includes over 900 employees serving in five offices across Canada. Our entrepreneurial culture resonates with commercial borrowers who value the Company's ability to solve problems, provide business advice and ultimately, get deals done faster and more efficiently than the competition."
About First National Financial Corporation
First National Financial Corporation (TSX: FN, TSX: FN.PR.A, TSX:FN.PR.B) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With more than $100 billion in mortgages under administration, First National is Canada's largest non-bank originator and underwriter of mortgages and is among the top three in market share in the mortgage broker distribution channel. For more information, please visit www.firstnational.ca.
Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will, "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future financial position, business strategy and strategic goals, product development activities, projected costs and capital expenditures, financial results, risk management strategies, hedging activities, geographic expansion, licensing plans, taxes and other plans and objectives of or involving the Company. Particularly, information regarding growth objectives, any future increase in mortgages under administration, future use of securitization vehicles, industry trends and future revenues is forward-looking information. Forward-looking information is based on certain factors and assumptions regarding, among other things, interest rate changes and responses to such changes, the demand for institutionally placed and securitized mortgages, the status of the applicable regulatory regime and the use of mortgage brokers for single family residential mortgages. This forward-looking information should not be read as providing guarantees of future performance or results, and will not necessarily be an accurate indication of whether or not, or the times by which, those results will be achieved. While management considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward looking-information is subject to certain factors, including risks and uncertainties listed under ''Risk and Uncertainties Affecting the Business'' in the MD&A, that could cause actual results to differ materially from what management currently expects. These factors include reliance on sources of funding, concentration of institutional investors, reliance on relationships with independent mortgage brokers and changes in the interest rate environment. This forward-looking information is as of the date of this release, and is subject to change after such date. However, management and First National disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
SOURCE First National Financial Corporation
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First National Financial Corporation (TSX: FN) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With over $71 billion in mortgages under administration, First National is Canada’s largest non-bank originator and underwriter of mortgages and...