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 2022 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 $131.0 billion ($88.6 billion residential and $42.4 billion commercial) in mortgages under administration as of December 31, 2022, 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 applicable to the evaluation is Operational Risk Assessments for Canadian Structured Finance (April 4, 2023; https://www.dbrsmorningstar.com/research/412270).

Other methodologies referenced in this transaction are listed at the end of this press release.

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 evaluation was initiated at the request of the evaluated entity. The evaluated entity or its related entities did participate in the evaluation process for this evaluation action. DBRS Morningstar had access to the accounts, management and other relevant internal documents of the evaluated entity or its related entities in connection with this evaluation action. This is a solicited evaluation.

DBRS Morningstar will publish a full report shortly that will provide additional analytical detail on these evaluations. If you are interested in receiving this report, contact us at [email protected].

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The methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

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