First NLC Branch Closures and Layoffs

November 30, 2007 No Comments »

According to sources I spoke with, First NLC Financial Services plans to close 24 branches nationwide, shuttering their operations on the west coast and cutting more than 100 jobs in the process.

It is believed that only six retail branches will remain open, along with an operations center at its headquarters in Boca Raton, Florida.

I’ve been told that most of the 100-odd employees at its loan center in Anaheim, California have been laid off as a result of the migration to the east coast.

In August, First NLC laid off 645 employees, or nearly half of its 1,350 member work force as the mortgage crisis continued to deteriorate.

First NLC is one of the top non-prime residential mortgage lenders in the nation, originating over $7.4 billion in mortgage loans in 2006.

They offer a variety of higher-risk loan programs, including jumbo loans up to $2 million, limited documentation loans, fico scores down to 520, high loan-to-value loans, and more.

According to their website, the Florida-based lender originates loans in 45 states and is a wholly owned subsidiary of Friedman, Billings, and Ramsey.

FBR bought the subprime lending unit in 2005 for $101 million and arranged a sale this summer to an affiliate of private equity firm Sun Capital Partners.

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