First Michigan Bank approved by Freddie Mac to sell and service mortgages – NMP Skip to main content

First Michigan Bank approved by Freddie Mac to sell and service mortgages

NationalMortgageProfessional.com
Jul 16, 2010

First Michigan Bank has announced that it has regained the approval of Freddie Mac to sell and service mortgages in the Port Huron, Mich. community and throughout the state. The approval had been terminated for the former Citizens First Bank on April 16, 2010. As a result of the termination, thousands of mortgage customers of the former Citizens First Bank had their loans turned over to an out-of-state service center, with phone support routed through an international customer service company. This was a major disappointment to those 6,500 customers. On April 30, 2010, two weeks after the devastating blow to Citizens First Bank, First Michigan Bank acquired the assets and deposits of Citizens First. Within just 60 days of the acquisition, First Michigan Bank demonstrated superior financial strength and quality control which lead to this news. Patrick Ervin, executive managing director of mortgage operations for First Michigan Bank said: "We want the community to know we are ready to help them take advantage of today's historically low mortgage rates. The ability for First Michigan to work with FREDDIE once again allows us to offer mortgages and refinances with servicing and support provided by our local team." "We are proud to earn the approval of Freddie Mac—and to earn it in such a short period of time," said David T. Provost, chairman, president and chief executive officer of First Michigan Bank. "The ability to sell and service mortgages locally is important to the people of our communities and is aligned with our goal of helping reignite the growth in Michigan's economy." For more information, visit www.firstmichiganbank.com.
Published
Jul 16, 2010
Battle Between Loan Originators Gets Sparkly and Dirty

Flowers is suing both Durosko and Peevey for these pranks, demanding compensation for their harmful acts, but that doesn’t tell the whole story. 

Industry News
May 18, 2022
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022
Online Brokerage REX Pursues Litigation Against Zillow & NAR

The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.

Industry News
May 16, 2022