Lenders' litigation blues

First NLC starts correspondent lending divisionmortgagepress.comoperations center, expansion, non-prime, alt-A First NLC Financial Services LLC has opened its new, fully operational correspondent lending division, including an operations center to serve as the division's headquarters in Overland Park, Kan. Joining First NLC in Overland Park are Ed C. Waller as senior vice president/managing director, Kevin Dains as vice president/national operations manager, and Robert F. Miller as vice president/national sales manager. The correspondent division will buy non-prime and alt-A flow and bulk transactions up to $15 million in size. In addition to standard nonprime products, the channel will feature interest-only, stated income and alternative documentation options. The division will also offer high loan-to-value products for a range of credit scores and document type. An array of purchase-money options will also be available. Based in Deerfield Beach, Fla., First NLC Financial Services LLC is a nonprime mortgage originator. For more information, call (800) 950-3314 or visit www.firstnlc.com.