First National responds to the recently announced changes to mortgage requirements

Oct 5, 2016, 10:59 AM by User Not Found

Regarding the article that appeared in The Globe and Mail on October 5th - “New rules challenge non-bank lenders” - concerning the recently announced changes by the Department of Finance to the mortgage rules, Our Chief Financial Officer, Rob Inglis provided a response.

Mr. Inglis stated “First National is still working through the new rules to determine their impact on its business.”  He also added that First National “always held itself to a high standard of underwriting. We do not expect this to change.”  Mr. Inglis continued to say “We will endeavour to maintain this competitive advantage as the marketplace evolves.”

We are currently reviewing these changes and will continue to communicate with you as we learn more.