Reports have been made by the First National Financial Corporation that their mortgages under management have hit a new record high in the past year, ending December 31, 2016.
The Chief Executive Office and Chairman of the Corporation, Stephen Smith said; “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.”
In total, the MUA was $99.4 billion, which showed an increase of 6 per cent from the previous year. There was an annual rate of a 3 per cent increase in the fourth quarter.
Stephen added by saying; “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.”
In the twelve months ending of last year, the start of new mortgage was a significantly low level, which was at $17.2 billion unlike the previous figure of $17.3 billion, in 2015. The total figure during the last quarter was $4.1 billion, compared to the end of 2015, which was at $4.2 billion.
The single-family home latest mortgages decreased during the year by 4 per cent, and 7 per cent in the fourth quarter, with a continuous lower demand of homes in Alberta and Saskatchewan.