With the launch of PWBank's entry into the residential mortgage business, the Bank is now positioned as a key player 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 significant part 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's focus is on funding insured mortgages by recognized entities such as the CMHC.

PWBank's Residential Mortgage business enables the Bank to invest in large pools of profitable mortgages, and furthers 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 that can handle these large volumes of mortgages.