First NLC Branch Closures and Layoffs
Posted by admin under: Main Dec 01
Sources tell me that First NLC Financial Services closed 24 branches today, shuttering their operations on the west coast and cutting approximately 100 jobs in the process.
It is believed that only seven retail branches remain open, along with a wholesale loan center at its headquarters in Boca Raton, Florida.
In August, First NLC laid off 645 employees, or nearly half of its 1,350 member work force as the mortgage crisis continued to deteriorate.
First NLC is one of the top nonprime residential mortgage lenders in the nation, originating over $7.4 billion in mortgage loans in 2006.
They offer a variety of higher-risk loan programs, including jumbo loans up to $2 million, limited documentation loans, fico scores down to 520, high loan-to-values, and more.
According to their website, the Florida-based lender originates loans in 45 states and is a wholly owned subsidiary of Friedman, Billings, and Ramsey.
FBR bought the subprime lending unit in 2005 for $101 million and arranged a sale this summer to an affiliate of private equity firm Sun Capital Partners.
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Source: First NLC Branch Closures and Layoffs
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