First National Financial now has more than $100 billion mortgages under administration, a milestone in the lender’s near-30-year history.
“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.
The lender’s growth in MUA has been achieved with the critical role played by mortgage brokers, with all single-family origination volumes coming through the broker channel.
“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.”
Along with residential mortgages, First National has seen growth in commercial real estate lending, which now accounts for 23% of the company’s book of business.
“$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.”
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