Morningstar DBRS Confirms First National Financial LP's Canadian Residential Mortgage Servicer Ranking at MOR RS1

DBRS Limited (Morningstar DBRS) confirmed the Canadian Residential Mortgage Servicer ranking of First National Financial LP (FNF or the Company) at MOR RS1, with a Stable trend. The confirmation reflects Morningstar DBRS' review of the changes and updates since the last review in March 2024 in the following areas: company and management; controls and compliance; loan administration; customer service; escrow administration; default management; investor reporting; and technology. The servicer rankings may be taken as evidence that FNF has satisfied Morningstar DBRS' expectations to act as a third-party subservicer for residential mortgage-backed securities and 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 $153.7 billion ($95.8 billion residential and $57.9 billion commercial) in mortgages under administration as of December 31, 2024, FNF is one of Canada's largest nonbank mortgage originators and servicers.

All rankings are subject to surveillance, which could result in rankings being upgraded, downgraded, placed Under Review, confirmed, or discontinued by Morningstar DBRS.

Morningstar DBRS Canadian residential mortgage servicer rankings are not credit ratings. Instead, they are designed to evaluate the quality of the parties that service or conduct servicing on residential mortgage loans. Although the servicer's financial condition contributes to the applicable ranking, its relative importance is such that a servicer's ranking should never be considered as a proxy of its creditworthiness.

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

The principal methodology applicable to the ranking is Canadian Residential Mortgage Servicer Rankings (April 26, 2024; https://dbrs.morningstar.com/research/431644).

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

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

Morningstar DBRS will publish a full report shortly that will provide additional analytical detail on the ranking. If you are interested in receiving this report, contact us at info-DBRS@morningstar.com.

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

For more information on this ranking or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.