Sellers of nonprime, Alt-A and interest only mortgages now have another buyer for their closed loans.
First NLC Financial Services LLC announced today it will buy bulk transactions up to $15 million. In addition to standard nonprime loans, the company said it will buy Alt-A mortgages and high loan-to-value mortgages. Interest-only options will also be available.
The new correspondent division is headquartered in Overland Park, Kan., according to the announcement, and is "state-of-the-art."
"Our correspondent division is distinguished by providing rapid, quality service, from initial clear-to-close on flow loans to same-day, model-based pricing on bulk portfolios," said Neal Henschel, chairman and CEO of the Friedman, Billings, Ramsey Group Inc. subsidiary. FBR acquired the company earlier this year.
First NLC, based in Deerfield Beach, Fla., says it operates six regional centers in 41 states.
The company lists information about its programs at www.FirstNLC.com.