For First National’s Marco Riccio, Owning the Moment starts with the right values

As Vice President, Residential Mortgages, Marco Riccio leads a national team of underwriters tasked with supporting First National’s ambitious growth plans as a lender and a partner to Canada’s mortgage broker community. In this interview, Marco introduces himself and explains how our underwriters contribute to better outcomes for brokers and borrowers.

Marco, your career at First National began as an underwriter. Tell us about that.

I joined in 2009 at the height of the global financial crisis. The firm I worked for as Manager of Residential Underwriting for Eastern Canada reacted to the crisis by exiting the sub-prime market. That necessitated a change for me. At the time, First National was new to Quebec, and I was intrigued by the opportunity. I accepted a position as Underwriter, which was a step back in my management career but ultimately worth it.

What did you find upon your arrival?

A small team of 20 employees but with strongly held values, including a belief in teamwork, accountability and responsive service for brokers. The more I learned about First National’s values and teamwork dynamics, the more it all resonated with me. I felt I had found a place where I could truly flourish.

How did Montreal’s broker community react to the arrival of First National at the time?

They were very excited that we entered the market to compete, and very appreciative of the fact that we chose to distinguish ourselves on service. This approach was obviously working well because the year before I joined, the Montreal office only had six employees. Today, we have over 200 employees and by the end of 2026 we expect to grow to 300.

It’s now 17 years later and your responsibilities encompass residential underwriting across all offices in Canada. Have First National’s values and service ethos changed?

Not in the slightest and that is what’s unique. Those values are shared by all of us. Whether we work in the east or the west, service excellence is in our DNA and we empower it. Each office has its own unique character reflecting its marketplace, yet our values remain the same. To preserve that, we’re selective in who we recruit for our team.

Please talk about how you perpetuate the culture through hiring.

It’s about fit and attitude. Like I always say, you can’t teach personality. As an underwriter, you may have all the skills and expertise, but without genuine commitment to serving others and a personality that aligns with our values, it simply won’t be the right fit. First National is good at hiring great people… people who really care and are motivated to go above and beyond for both brokers and our shared clients.

How does your team contribute to better outcomes for brokers and borrowers?

By remaining consistent and delivering on their commitments. We consider ourselves business partners to the broker community, not just service providers.

What’s the difference?

A partner builds trust and long-term relationships by overcoming challenges, instilling confidence, and being consistently present, whereas a service provider tends to view interactions as purely transactional. At First National, a broker’s first relationship is typically with our business development team, which then carries over to our underwriters. The underwriting team has the ultimate responsibility for delivering time-sensitive solutions that enable brokers to succeed.

But underwriting doesn’t always end with approval.

That’s true, but we work hard on developing creative alternatives.  This is where we excel, and I believe that’s an advantage that stands out for brokers. After all, anyone can compile a file and issue an approval, but our underwriters, together with our sales team, are great at finding solutions and are empowered to do so. When a deal isn’t the right fit, we’re transparent with brokers – even if it means saying the file may be better suited for another lender.

What does it take to be a valued underwriting partner for brokers?

Consistency, empathy and always delivering on promises are essential. Open-mindedness and adaptability are equally important along with the ability to navigate the grey, since an underwriter’s world is rarely black and white. Above all, my top priority is timely communication. The simple act of picking up the phone and having a conversation demonstrates accountability, which is at the heart of every partnership and is central to First National’s value system. This is part of what we refer to as “Owning the Moment” and it calls on all of us to demonstrate that we care – and we do – about every single file that comes in and every broker partnership that we are privileged to earn. By Owning the Moment and the outcomes of our actions, we become more responsive.

Will values like empathy and accountability become obsolete as artificial intelligence and automation gain a foothold at First National?

Absolutely not. Since our founding, First National has used technology to improve our responsiveness and efficiency. MERLIN, our own proprietary mortgage underwriting platform, was game-changing when it was launched almost three decades ago. Today, we’re strongly committed to implementing AI, not to replace relationships, but to improve response times for brokers and maintain our position as industry leaders in service excellence. In fact, I believe the human element becomes even more valuable as we adopt advanced tools and resources that enhance our underwriting expertise and support more consistent and informed decisions. Freeing underwriters from doing manual verifications will create more space for meaningful conversations that strengthen trust with brokers.

Brokers have gained a huge following among homebuyers. Is there still room for growth?

Yes, I believe the shift toward this channel will continue, as brokers provide a broader range of choice, expert advice, and more competitive outcomes for borrowers overall. First National is well positioned and committed to supporting that growth by continuing to invest in ways that make it easier and more valuable for brokers to do business with us.

Final thoughts?

Regardless of market conditions, First National remains a trusted, consistent, and value-driven partner.