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Nashville-based FirstBank to leave the wholesale mortgage and correspondent banking business

The Nashville-based FirstBank will retain its retail mortgage operations, but the sale is expected to cut what was a money-losing operation for the bank in the fourth quarter of 2018.

Additionally, FirstBank has entered into a non-binding indication of interest to sell its correspondent channel to a separate unrelated third party.

"We have reviewed our mortgage operations and concluded that the exit of these wholesale channels better aligns mortgage with our strategic plan and long-term vision for the company," FirstBank CEO Chris Holmes said Monday. "The exit also allows additional focus on our retail and consumer direct (online) origination channels."

FB Financial expects to record a restructuring charge of up to $2.5 million to cover deal related expenses, severance and other items related to its mortgage operations.

The wholesale mortgage loan and correspondent bank loan operations comprised about half of the $6 billion of total loan volume by FirstBank last year. But FirstBank Chief Financial Officer James Gordon said the businesses to be sold were less profitable "and don't fit into what we are trying to do from an overall basis, particularly with where our mortgage loan business is right now.

Why is Detroit the most segregated place in the United States?

"Detroit Metro has been the most segregated place in the United States," Orfield said. "We're talking extremely stratified."
It makes choices for Detroiters searching for integrated communities all the more difficult.


Um..Brightmoor, first of all, is one of the WORST areas in Detroit. I know because I used to have a friend who lived there.

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