residential mortgage business
With the launch of PWBank's entry into the residential mortgage business, the Bank is positioned as a participant in the Canadian mortgage market.
PWBank has entered into this business consistent with its corporate strategy of diversifying and growing the Bank's lending assets by capturing a portion of the high quality and low-risk Canadian residential mortgage market. Total mortgages outstanding in Canada are approximately $900 billion, with originations of approximately $200 billion per year. PWBank funds insured mortgages by recognized entities such as the CMHC.
PWBank is an originator of multi-family residential mortgages. Some are retained in the Bank's portfolio and others are rolled into the Mortgage-Backed Securities program, for which PWBank is a licensed issuer.
This effort helps to further the Bank's corporate strategy of capitalizing on its low-cost structure while expanding into new, high quality and low-risk markets.
PWBank also has the proven and state of the art software to process these large volumes of mortgages.