Toronto, Ontario (March 26, 2013): First National Financial Corporation (TSX: FN), Canada’s largest non-bank originator and underwriter of mortgages, announced today that it will mark its 25th anniversary with celebrations starting April 1, 2013.
“The past 25 years have been an incredible journey for First National and it’s time to show our sincere appreciation to those who have helped our company become the leader that it is today,” said Stephen Smith, Chairman and President. “It’s my pleasure to kick off a year of saying thank you to our customers, mortgage brokers, employees, shareholders and business partners in the most emphatic way possible – through great service, great performance and a caring, respectful attitude.”
Entitled Thank You for 25 Years of Shared Successes, the celebration will feature a number of customer, employee and mortgage broker events and contests throughout the year.
First National’s growth parallels the development of the Canadian mortgage broker industry. When the Company started, the mortgage broker channel had a single digit market share. Today, close to 30% of all mortgages in Canada are originated by the independent professionals making up the broker channel.
“Mortgage brokers have played an important role in the service of Canadian home buyers and as key contributors to the growth of First National,” said Scott McKenzie, Vice President, Residential Mortgages. “Their professionalism, independence, insight and advice make mortgage brokers the trusted choice for Canadians from coast to coast, and we can’t think of a better way to say thank you than by making them a focal point of our 25th anniversary.” Customers and Business Partners The Shared Successes celebration is also an opportunity for First National to thank its residential and commercial borrowing customers and business partners whose trust and confidence enabled the Company to grow over the past quarter century. “We are incredibly proud of the part we’ve played in giving customers choices that did not exist 25 years ago within Canada’s mortgage industry,” said Moray Tawse, Vice President, Mortgage Investments. “Over the years, we have helped thousands of Canadian families purchase homes and enterprises create value and achieve their business objectives with competitive funding for commercial properties. We’ve done this with the support of many business partners whose expertise and confidence in our business model have made all the difference.”
One of First National’s most significant accomplishments is the growth and development of its employees, now numbering more than 600. “We firmly believe that we have the industry’s best workforce,” said Mr. Smith, “and our employees prove it every day by meeting the high standards of performance which we set to serve our customers. Whether it’s consistently achieving funding targets or turnaround time, our employees set us apart from the crowd. The best way we can thank them and all of our stakeholders is to recognize these achievements and begin building the next 25 years of shared success.”
First National completed its initial public offering in 2006 and its shares are listed on the Toronto Stock Exchange. “Taking the Company public has enabled First National to share its growth with Canadian investors. Original investors on the IPO have earned a total return of more than 150% through the combination of regular monthly dividends and share price appreciation,” said Robert Inglis, Chief Financial Officer. “We sincerely appreciate the confidence our shareholders and the capital markets have shown in First National over the years.”
Key Dates and Accomplishments
First National was founded by Stephen Smith and Moray Tawse on March 31, 1988, and in its first year earned revenues of approximately $200,000. First National became a CMHC-approved lender in 1991, which enabled it to lend directly to Canadian borrowers. By 1994, the Company had approximately $400 million of mortgages under administration (MUA). In 2001, it introduced MERLIN, the industry’s first online mortgage approval and tracking system, which in 2013 will be further expanded to enhance commercial mortgage administration and investor communications. In 2007, First National brought a new level of connectivity and convenience to residential borrowers with My Mortgage, a personalized mortgage management tool. In 2012, the Company’s MUA surpassed $67 billion and revenue reached a record $628.6 million.
About First National Financial Corporation
First National Financial Corporation (TSX: FN) is the parent company of First National Financial LP, a Canadianbased originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With over $67 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.
For further information:
Chief Financial Officer
First National Financial Corporation
Tel: 905 648 9354