FirstBank wraps up sale of its correspondent lending channel

by Candyd Mendoza06 Aug 2019

FirstBank, a wholly-owned subsidiary of FB Financial Corporation, has announced the completion of the sale of its correspondent lending channel to Rushmore Loan Management Services.

The companies finished the deal, which FB Financial said would cost approximately $2.6 million in restructuring expenses and other mortgage-related operations.

FirstBank closed the sale of its third-party origination channel to Renansant Bank June 7.

“I want to thank those former associates who have transitioned to other entities for their time and contributions at FirstBank,” said Chris Holmes, president and chief executive officer of FB Financial. “We are pleased to have completed the restructuring of our mortgage operations, and we look forward to focusing our attention on our customer-centered retail and consumer-direct channels.”