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.