First National Financial Corporation 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.”