twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

$2 Billion Bank Jumping Into Wholesale Lending

First Bank acquiring wholesale lending operation

Nov. 4, 2011

By staff

A bank with more than $2 billion in assets is getting into the wholesale mortgage lending business.

As of June 30, First Bank had 546 employees and $2 billion in total assets based on data reported by the Federal Deposit Insurance Corp. Included among the assets were $432 million in residential mortgages.

But the Lexington, Tenn.-based bank's mortgage holdings are likely to increase as a result of an upcoming acquisition.

The 105-year-old institution has agreed to acquire StellarOne Bank's wholesale mortgage banking business, according to an announcement Friday. The acquisition includes net assets, goodwill and going concern value.

The deal is expected to be done by Dec. 31.

The wholesale lending business, which is based in Greer, S.C., reportedly generated $2.3 billion in gross revenues during the first nine month of this year.

For its part, StellarOne Bank said in the statement that it is executing a strategy of streamlining its business structure, and resources from the sale will be redirected toward growing and improving its retail mortgage banking business, among other things.

"We believe this transaction will improve our ability to manage the business strategy and associated return with our mortgage banking unit, and will help the company achieve improved efficiency and growth objectives as set within our corporate strategy," Jeffrey W. Farrar, executive vice president​ and chief financial officer of parent StellarOne Corp., stated in the news release.

StellarOne said in January that it paid out $1.45 million in repurchase demands and "make-whole" indemnification claims. The payments resolved claims on loans originated prior to 2009, representing 80 percent of its outstanding claims.

next story

back to current headlines

Bank news

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders