DBRS Morningstar Confirms First National Financial LP’s Primary Residential Mortgage Servicing and Special Residential Mortgage Servicing at Good

DBRS Limited (DBRS Morningstar) confirmed both the Primary Residential Mortgage Servicing and the Special Residential Mortgage Servicing of First National Financial LP (FNF or the Company) at Good. The confirmations reflect DBRS Morningstar’s review of the changes and updates since the last review in May 2021 in the following areas: company and management; asset administration, reporting, and customer service; default and loss management; technology; financial condition; and controls and compliance. The servicer evaluations may be taken as evidence that FNF has satisfied DBRS Morningstar’s expectations to act as a third-party subservicer for residential mortgage-backed securities and to be relied on by third parties as such.

FNF is a Canadian-based originator, underwriter, and servicer of predominantly prime residential mortgages and commercial mortgages. With approximately $123.9 billion ($84.9 billion residential and $39.0 billion commercial) in mortgages under administration as of December 31, 2021, FNF is one of Canada’s largest nonbank mortgage originators and servicers.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Operational Risk Assessments for Canadian Structured Finance (April 12, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

The entity or its related entities did participate in the evaluation process for this action. DBRS Morningstar had access to the accounts and other relevant internal documents of the entity or its related entities in connection with this action.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at [email protected].

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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