A mortgage banking firm started by three executives who successfully sold a prior home lender has stopped doing new business.
Data from the Nationwide Multi-state Licensing System indicate that Irvine, California-based First Direct Lending LLC was founded in May 2013.
According to the NMLS data, First Direct is actively authorized to conduct business in 41 states. The limited liability company also operates as Refi.com.
First Direct Lending was recognized among LendingTree’s best network lenders in the final quarter of last year and the fourth-quarter 2016.
Employee reviews on Indeed.com, some which were written this month, were mixed about First Direct as an employer. But a December 2016 story from The Orange County Register praised the company for its flexible and collaborative culture.
An April 2016 news release issued by the company described its founders as “an experienced team of entrepreneurial executives.”
Those executives are Ryan Herman, Roy A. Wright and First Direct Lending Co-Chief Executive Officer and President Dave Brown. All three were co-founders of Solstice Capital Group, a mortgage banker that was reportedly sold “at the peak of its growth” in 2008 to a unit of HSBC.
While the 2016 announcement stated that First Direct had “achieved a record-breaking 2015, with the company realizing massive growth in revenue, office space, and employee headcount,” that business has not ended in such a grand fashion as their prior venture.
A notice on First Direct Lending’s website says it “is no longer accepting new applications or funding new loans.”
Vendors and creditors of the company are being directed to an accounting email address.
No other details were provided about the decision to end the company’s operations.
A story from Inside Mortgage Finance says First Direct Lending originated around $1 billion during 2017.
