First National Financial Corporation has announced that it will be providing underwriting and fulfillment processing services for mortgages originated by Manulife Bank in Ontario and Atlantic Canada.
Starting this month, First National will accept applications from Manulife’s mortgage broker channel through a customized software system, which First National modelled after its successful Merlin mortgage approval/tracking suite.
Manulife Bank will be funding and servicing all the mortgages underwritten under this agreement.
“We are very pleased to be chosen for this mandate,” First National president and COO Jason Ellis said. “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.”
“This is an important agreement that leverages the distinct capabilities and strengths of both parties,” chairman and CEO Stephen Smith added. “For First National, it represents the next step in the expansion of our underwriting and fulfillment services.”
The services will be operated from First National’s offices in Toronto. Ontario has been a major driver of the lender’s consistent growth.
“The mortgage broker distribution channel accounts for about $90 billion of new mortgage originations each year,” according to Scott McKenzie, senior vice president for residential mortgages. “This agreement further validates the channel’s relevance where First National will continue to be a lender in its own right.”