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found claimed to be different even though they were all owned by the same four companies. So Billy picked one. And that agency went to work. Then ...

FB Financial wraps up mortgage refresh with correspondent channel sale

"We are pleased to have found new homes for each of our third-party origination channels in the second quarter. These sales allow us to focus more on our customer centered retail and consumer direct channels," Chris Holmes, FB Financial's president and CEO, said in a press release.

The sale of the correspondent unit is expected to close in the third quarter. "In addition to expanding the universe of loan servicing offerings that we are able to provide to our customers, we expect that it will also increase our visibility into the broader mortgage lending space — enabling us to gain valuable market insights that can be leveraged across many different facets of our business," Rushmore CEO Terry Smith said in the company's press release.

FB Financial, the parent of FirstBank, reiterated it will take restructuring charges of up to $1.5 million to cover transaction-related expenses, severance and other items, in addition to the $1.1 million it took in the first quarter.

FirstBank exiting wholesale mortgage lending | 2019-06-25

And that’s just in the last two months alone.

Now, FirstBank , one of Tennessee’s largest community banks, is moving away from wholesale mortgage lending and selling off its operations.

FirstBank’s parent company, FB Financial Corp. , announced this week that FirstBank reached an agreement to sell its correspondent lending channel to Rushmore Loan Management Services .

Upon completion of the deal, Rushmore will assume “substantially all of the assets and personnel related to the channel,” FirstBank said in a release.

But that’s not the only lending channel that FirstBank is selling. Earlier this month, FirstBank sold its third-party origination channel to Renasant Bank .

Going forward, the bank will focus on retail and consumer-direct mortgage lending, FB Financial President and CEO Chris Holmes said.

“We are pleased to have found new homes for each of our third-party origination channels in the second quarter,” Holmes said. “These sales allow us to focus more on our customer centered retail and consumer direct channels.”

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