FBC Mortgage LLC plans to launch a new division to buy mortgages from community banks, Orlando Business Journal has learned.
Orlando-based FBC is testing the purchasing of mortgages and plans to launch the new operations under its CloseQuick brand to buy the home loans. Eventually, CloseQuick will spin off into a separate entity.
FBC, which closed about $1 billion worth of home loans in 2012, used to only originate and then sell off the loans it issued. However, about nine months ago, FBC started retaining and servicing some of its loans and now services about 20 percent of them.
FBC Mortgage became a subsidiary of Birmingham, Ala.-based Sterne Agee Group Inc. in November 2012.
Stay tuned for more as this is a developing story.
Florida based Mortgage Lender FBC Mortgage, LLC an affiliate of FBC Bank announced on Auguest 9, 2012, that it has opened its second National Operations Center in Centennial Colorado. FBC Mortgage operates throughout most of the United States and is based in Orlando Florida. FBC has recruited Ellison Brimage as its Colorado Operations Manager.
FBC Mortgage has experienced significant growth over the last year and is on track for 2012 to fund over a billion dollars in its retail residential loan channel. This growth will allow for FBC’s expansion into the Western United States. “It seemed as FBC continued to grow and build our business there was not enough time in the day to keep up with our loan volume in regards to processing, so our West Coast Office being in a different time zone will help alleviate this issue for us”, stated Rob Nunziata, President & Co-CEO of FBC Mortgage.
Sal “Joe” Nunziata, FBC Mortgage Chairman & Co-CEO is very excited to have a presence in the state that he and Rob grew up in. “We are extremely excited to be part of the Denver landscape again and plan on initially hiring up to 50 experienced mortgage professionals for our Centennial office. When we found out that someone with Ellison’s experience was available we knew it was time to pull the plug and get our West Coast expansion started.” Initially the West Coast Office will house an expanded Operations staff; however, eventually this office will also be a Full Service Retail Mortgage Division of FBC so we can serve consumers on the West Coast as well. “I am extremely excited to have re-entered the mortgage business and to be a part of this family owned company.
The centrally located office in Centennial, CO will allow us to attract operations staff and Loan Officers from many different parts of the city. It will also enable our future borrowers to visit the office with ease, if they so choose. The Denver real estate market is once again stabilizing and realizing substantial growth. For the Nunziata’s to make a move like this now, it speaks volumes about their dedication to the Mortgage industry. I’m proud to be a part of this expansion project. FBC’s presence in Colorado was eminent and now it is a reality.” Stated Ellison Brimage, Operations Manager, Colorado.
FOR IMMEDIATE RELEASE Contact: Stephanie Simmons 407-377-0327
Orlando Mortgage Lender FBC Releases The Florida Mortgage Report for October 2012
Orlando, Florida – Orlando mortgage lender FBC Mortgage recently released The FBC Florida Mortgage Report for October 2012. The data from the Mortgage Report continues to show a strengthening housing market. Below is a list of highlights:
- The Average Loan Amount in Florida is $180,000, a 12.5% increase from October 2011.
- Down Payments on average have decreased to 15% of the purchase price. In October 2011 Down Payments averaged about 20%. The lower down payment is a good sign that more lenders are entering the Florida mortgage market and easing some of the strict overlays that were in place.
- Refinance volume continued to pick up in Florida. Lower rates and more borrowers taking advantage of the HARP Loans contributed to this increase.
- The Average Age of First Time Home Buyers continues to average around 36 years.
Orlando Business Journal
Date: Friday, October 19, 2012, 6:00am EDT
Description: Mortgage banker specializing in residential lending purchase, refinance
Top executive: Joe Nunziata,
chairman and co-CEO
Revenue: $24.9 million
Alma mater: University of South Florida
What I do to relax: Travel, golf, play at the beach, work out and watch my kids play lacrosse
What makes me nostalgic: I become sentimental thinking about the days when my kids were still in diapers and realizing how in a blink of an eye, they have become young adults preparing to start their own journey in life.
Oct. 2, 2012, 11:59 a.m. EDT
BIRMINGHAM, Ala., Oct 02, 2012 (BUSINESS WIRE) — Sterne Agee Group, Inc., one of the nation’s largest and oldest privately-owned financial services companies, announced today that it has signed a definitive agreement to acquire Florida-based residential mortgage lender FBC Mortgage, LLC. FBC, headquartered in Orlando, Florida with over 200 employees throughout Florida and 15 employees in Denver, Colorado. Currently licensed in 15 states, FBC originates loans both through retail and wholesale lending channels.
Once combined, the two entities will have 1,500 full time employees in 65 offices throughout the United States. “The acquisition is the continuation of Sterne Agee’s strategic plan to expand the products and services that Sterne Agee offers as a full-service financial services company,” stated James S. Holbrook, Jr., Sterne Agee’s Chairman and CEO. “Sterne Agee is very pleased to welcome FBC into its family of companies.” Continue Reading
October 2, 2012
FBC Mortgage to Merge with 111 Year Old Sterne Agee
Orlando, FL. – Florida based residential mortgage, lender FBC Mortgage, LLC (“FBC”), announced today that it has signed a definitive agreement to merge with a subsidiary of Sterne Agee Group, Inc. “Sterne Agee”. FBC, headquartered in Orlando, Florida with over 200 employees throughout the State and another 15 in Denver, has been strategically expanding throughout the U.S. Currently licensed in 15 states with 4 additional states pending, FBC originates loans both through retail and wholesale lending channels. FBC is on track to fund over a billion dollars this year in its residential loan channel. “This acquisition was a perfect fit for FBC. It gives us the platform to expand more rapidly into new markets and keep our team together,” stated Rob Nunziata, FBC’s President and Co-CEO. Founded in 1901, Sterne Agee is one of the nation’s largest and oldest privately-owned financial service companies. “We have been looking for a partner with the stature and reputation of Sterne Agee. This merger will give us the resources to continue our growth while providing our initial members with a liquidity opportunity. It has been exciting to launch FBC with our fathers guidance in late 2005 and then find a way to navigate and grow through one of the toughest recessions in U.S. history,” according to Sal A. “Joe” Nunziata, FBC’s Chairman and Co-CEO.
by Bill Orben, Associate Managing Editor
Date: Friday, September 14, 2012, 6:00am EDT
FBC Mortgage LLC needs to hire 75 workers through the end of the year. But it has had trouble finding the right people for its jobs, which pay $35,000-$80,000.
So the Orlando firm decided to solve that dilemma by spending $350,000 to build and equip its own recruiting and training program.
FBC Mortgage plans to gear its instruction to mortgage tasks, such as processing, underwriting, closing and skills a loan officer needs.
The company also plans to offer continuing education so a mortgage processor, who collects and enters all the information for a loan, can become an underwriter who verifies …
(July 26, 2012) — Orlando Lender FBC Mortgage was recently named one of Florida’s Best Companies To Work For 2012 by Florida Trend Magazine.
The fourth annual statewide Best Companies list appears in the August issue of Florida Trend magazine and on FloridaTrend.com. One-hundred companies were recognized in small, medium and large company categories. FBC Mortgage ranked 28 for mid-size companies in Florida. “FBC strives to make our work environment a place where high performers can thrive while creating an enjoyable place to work. We also try and give back to the communities that we serve through our FBC Mortgage Foundation” stated Joe Nunziata, Chairman and Co-CEO, FBC Mortgage, LLC. Continue Reading