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.
Forward-Looking Information
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