Canada’s largest non-bank lender, First National, got its start 25 years ago from this past Sunday.
Stephen Smith, Co-founder and President, recently spoke with CMT about First National’s dramatic growth and the factors behind its success.
He also touched on the vital role of mortgage securitization, the likelihood of seeing Prime minus 0.90% variable rates again, and the future of non-deposit-taking lenders in a market dominated by banks.
In addition to his role at First National, Mr. Smith is chairman and part owner of mortgage insurer Canada Guaranty.
Along with his long-time business partner Moray Tawse, each of them own 24 million shares in First National Financial Corporation. That easily makes them among the most successful individual entrepreneurs in the Canadian mortgage market.
CMT’s exclusive one-on-one with Stephen Smith follows here…