Written by 12:37 PM General • 5 Comments Views: 13

First National Excalibur

First-National Another non-prime product line bites the dust.  First National has discontinued its Excalibur “Alt-A” mortgage products as of last Friday.

The company said the move resulted from “increased competition from the mortgage insurers in the Alt-A segment and the volatility in the credit markets that first arose last summer.” 

95% of Excalibur’s business was with self-employed borrowers who weren’t able or willing to prove income in the traditional way.  The company will replace the Excalibur line with an insured product.

First National is the biggest non-bank residential mortgage lender in Canada.  It originated $109 million of Alt-A mortgages last quarter and $721 million in 2007.

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Last modified: April 25, 2014

Robert McLister is one of Canada’s best-known mortgage experts. A mortgage columnist for The Globe and Mail, interest rate analyst and editor of MortgageLogic.news, Rob has been covering Canada's mortgage market since 2007.