First National Financial Corporation has reported a record high for mortgages under administration in the 12 months ending December 31, 2016.
“This was a very successful year for First National as strong contributions made by the Company’s residential and commercial business lines and our third-party servicing and fulfillment operation delivered record revenue and earnings,” said Stephen Smith, Chairman and Chief Executive Officer.
The total MUA was $99.4 billion, rising 6 per cent from a year earlier. In the fourth quarter there was a 3 per cent rise (annualised rate).
“These results demonstrate the value of the Company’s structural advantages as a market diversified, non-bank lender as well as the strength of our employees who dedicate themselves every day to meeting the needs of borrowers, our mortgage broker partners and our investors,” Smith added.
New mortgage originations were essentially flat in the 12 months to the end of 2016 ($17.2 billion compared to $17.3 billion a year earlier) and in the last quarter totalled $4.1 billion, compared to $4.2 billion at the end of 2015.
New mortgages for single-family homes were down 4 per cent for the year and 7 per cent for the fourth quarter with demand in Alberta and Saskatchewan continuing to be lower than usual.
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