TORONTO, Dec. 2, 2019 /CNW/ - First National
Financial Corporation (TSX: FN, TSX: FN.PR.A, TSX: FN.PR.B)
today announced that First National Financial LP has entered into
an agreement with Manulife Bank of Canada ("Manulife Bank") to provide
underwriting and fulfillment processing services for mortgages
originated by Manulife Bank through the residential mortgage broker
channel in Ontario and
Atlantic Canada.
Under the strategic agreement, First National will employ a
customized software solution based on its industry leading MERLIN
technology to accept mortgage applications from the Manulife Bank
mortgage broker channel and underwrite these mortgages in
accordance with Manulife Bank's credit policies, compliance
standards and controls. Manulife Bank will fund all the mortgages
underwritten under the agreement and retain full responsibility for
underwriting guidelines, mortgage servicing and the client
relationship. The underwriting and fulfillment services provided by
First National will enable Manulife Bank to further enhance its
already strong presence in the mortgage broker channel.
"This is an important agreement that leverages the distinct
capabilities and strengths of both parties," said Stephen Smith, Chairman and Chief Executive
Officer of First National. "For First National, it represents the
next step in the expansion of our underwriting and fulfillment
services."
First National will provide these services from its offices in
Toronto. "The mortgage broker
distribution channel accounts for about $90
billion of new mortgage originations each year," said
Scott McKenzie, Senior Vice
President, Residential Mortgages. "This agreement further validates
the channel's relevance where First National will continue to be a
lender in its own right."
"We are very pleased to be chosen for this mandate," said
Jason Ellis, President and Chief
Operating Officer, "It's a clear endorsement of our
industry-leading technology and expertise in the independent
mortgage broker channel by one of Canada's premier financial institutions."
Manulife Bank offers everything from everyday banking accounts
to mortgages, deposits, and loans. Manulife Bank has proven that
banking can be done differently and has been doing it for more than
25 years. On a mission to make lives better and decisions easier,
this new agreement gives Manulife Bank greater flexibility to
expand the availability of Manulife One to more Canadians.
First National will commence the underwriting and fulfillment
processing services beginning in December
2019.
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 over $110
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.
SOURCE First National Financial Corporation