TORONTO , Dec. 2, 2019 /CNW/ – First National Financial Corporation (TSX: FN, TSX: FN.PR.A, TSX: FN.PR.B) today announced that First National Financial LP has entered into an agreement with Manulife Bank of Canada (“Manulife Bank”) to provide underwriting and fulfillment processing services for mortgages originated by Manulife Bank through the residential mortgage broker channel in Ontario and Atlantic Canada .
Under the strategic agreement, First National will employ a customized software solution based on its industry leading MERLIN technology to accept mortgage applications from the Manulife Bank mortgage broker channel and underwrite these mortgages in accordance with Manulife Bank’s credit policies, compliance standards and controls. Manulife Bank will fund all the mortgages underwritten under the agreement and retain full responsibility for underwriting guidelines, mortgage servicing and the client relationship. The underwriting and fulfillment services provided by First National will enable Manulife Bank to further enhance its already strong presence in the mortgage broker channel.
“This is an important agreement that leverages the distinct capabilities and strengths of both parties,” said Stephen Smith , Chairman and Chief Executive Officer of First National. “For First National, it represents the next step in the expansion of our underwriting and fulfillment services.”