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Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.

Florida Firm Launches Correspondent Division

FBC reports growth

Feb. 15, 2013

By Mortgage Daily staff

A Florida lender that was recently acquired reached a production milestone last year, opened a correspondent division and has expanded its staff.

An announcement in October indicated that FBC Mortgage Inc. was being acquired by Sterne Agee Group Inc.

Orlando-based FBC reported at the time that it was licensed in 15 states with employees in Florida and Colorado.

"This merger will give us the resources to continue our growth while providing our initial members with a liquidity opportunity," FBC Chairman and Co-CEO Sal A. Nunziata said in the October announcement.

FBC had already been originating through retail and wholesale lending channels.

But around six months ago it opened CloseQuick, a correspondent division that deals primarily with community banks, according to a statement from FBC Co-CEO and President Rob Nunziata.

"This should be a great fit with our new parent Sterne Agee," Nunziata stated. "Sterne currently works with several hundred community banks in an investment advisory role."

He noted that many of the community banks aren't currently in the residential lending business, while others are looking to expand their mortgage operations.

Former Fannie Mae executive Gary Manfredi was hired as the executive director of the correspondent unit, while former MetLife executive Jacquie Freshour was recruited to run the operations.

Most of the loans acquired through the correspondent channel are serviced by FBC.

Nunziata reported that 2012 originations were 5,411 loans for $1.044 billion, nearly doubling the 3,140 loans originated for $0.527 billion in 2011.

Staffing at FBC has grown from 143 employees as of Dec. 31, 2011, to 208 people as of Sept. 30, 2012. The lender finished last year with 230 employees.

FBC Mortgage profile

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