FirstBank Sells Correspondent Lending Channel

Jun 25, 2019

The financial details of the transaction were not disclosed.

Nashville-based FB Financial Corp. has announced that its wholly-owned subsidiary, FirstBank, is selling its correspondent lending channel Rushmore Loan Management Services LLC.

The financial details of the transaction were not disclosed, but Rushmore will assume substantially all of the assets and personnel related to the channel. The sale is expected to be completed in the third quarter.

This marks the latest effort by FirstBank to jettison its mortgage operations. On June 7, the bank completed the sale of its third-party origination channel to Renasant Bank.

“We are pleased to have found new homes for each of our third-party origination channels in the second quarter,” said FB Financial’s President and CEO Chris Holmes. “These sales allow us to focus more on our customer centered retail and consumer direct channels.”

About the author

Phil Hall

Link copied

Published

Jun 25, 2019

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...

Analysis and Data

Every Dollar A Fraudster Makes, A Financial Firm Loses $4.41

U.S. investment firms and credit lenders see a 9% annual increase in the financial impact of fraud.

Overall fraud increased at least 6% for 63% of financial firms within the past year, with digital channels accounting for half of the overall fraud losses, according to LexisNexis True Cost of Fraud Study: Financial Services and Lending Report — US and Canada Edition. U....