Although the changes on the mortgage rules seems to be having a great impact on brokers, it seems like all hope is not lost after all. As the First National Financial announced earlier that the regulations will only have minimal effects on its business and its business model. The lender reassures brokers that there is nothing to worry about, as the upcoming year seems promising. The business model will strive despite the adjustment of specific product offers.
The Chairman and Chief Executive Office of First National, Stephen Smith said; “First National’s business model and diversified mortgage lending activities and sources of funding provide all the strength and flexibility we need to respond effectively in the coming months to the Federal Government’s new policy directions.”
Mr. Smith also talked and discussed about the issues pertaining to mortgage brokers, in additional to that he said; “Our very clear message to our partners in the mortgage broker channel is that we are open for business and are looking forward to another year of good performance.”