First National Financial saw a second consecutive month of slowing mortgage originations in Q2 as rising interest rates continue to impact the housing market.
Single-family residential mortgage originations were down 10% year-over-year for the country’s largest non-bank lender. First National also reported a decline in mortgage renewal activity, which was in contrast to the previous quarter, when renewal activity surged by 25% year-over-year.
First National President and CEO Jason Ellis said the company expects originations in the second half of the year are likely to fall below 2021 volumes. However, he noted some context was necessary, given that 2021 was a record year industry-wide for mortgage volumes.
“Even with continued moderation in the originations, we do expect to still be above pre-pandemic levels,” he said on the company’s…