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First National Financial Corp. Q3-2020 Earnings, Price Target Update

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First National Financial Corp.(FN, FN.PR.A,B) is a Canadian-based originator, underwriter and servicer of prime single family residential, multi-unit residential and commercial mortgages. Total mortgages under direct ownership and administration were $117.1B as at Sept-30-2020 up from $110.6B at Sept-30-2019, an increase of 6%. Revenues are earned from origination and administration of loans secured by real estate. 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. Income is generated from the portfolio of mortgages pledged under securitization, admin fees from servicing the portfolio, and fees from renewals across the total portfolio of mortgages. Approximately 78% of mortgages are for single family residences and 22% for multi-family and commercial mortgages. 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.

First National initially services virtually all mortgages generated through its mortgage origination activities. Revenues depend on the value of mortgage origination, the amount of mortgages pledged under securitization, and total mortgages under administration. First National is the largest third party servicer of multi-unit residential and commercial mortgages in Canada. Their major competition is the Canadian banks.

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