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First National Financial Corporation - Q2-2019 Earnings, Price Target Update

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First National Financial Corp.(FN) is a Canadian-based originator, underwriter and servicer of predominantly prime single family residential and multi-unit residential and commercial mortgages with total mortgages under direct ownership and administration of $110B as of Jun-30-2018 ($106B- Dec-31-2018, $102B as of Dec-31-2017). Profits are driven by growth in the portfolio of mortgages under administration; growth in the origination of mortgages; raising capital at the lowest possible cost; and innovative securitization transactions to minimize funding costs. Mortgages are comprised of a $30B portfolio of mortgages pledged under securitization and $80B servicing portfolio that also generates fees when renewed.

Approximately 78% of mortgages are for single family residences and 22% for multi-family and commercial mortgages. Revenues are earned from origination and administration of loans secured by real estate. They are a leading Canadian non-bank mortgage lender. 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 mortgage origination, Q1 and Q4 are seasonally the weakest, mid-year quarters are strongest. Their MERLIN underwriting system is Canada's only web-based, real-time broker information system. By creating a paperless, 24/7 commitment management platform for mortgage brokers, First National is now ranked among the top three lenders by market share in the broker channel.

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