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.”