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.[...] Read More
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.[...] Read More
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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.
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.” (more…)
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.
(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. (more…)