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FBC Mortgage LLC reported its best closing month in company history last month, cornering nearly 35 percent of the market share in Central Florida.

The Orlando-based mortgage brokerage firm, along with its sister company Floridian Financial Mortgage LLC, closed a combined 387 loans for $57.2 million in June. That compared with 147 loans for $28.7 million for June 2009.

The company also closed 1,356 loans for $197.9 million between January and June this year, which compared with 685 loans for $129.7 million for the same period in 2009.

FBC Mortgage CEO Joe Nunziata attributed the increase to record low interest rates, the federal first-time homebuyers’ tax credit and lower home prices — all of which have prompted sales throughout the Orlando area. Additionally, the company captured a larger market share because many mortgage firms have exited the business, Nunziata said.

Brother and FBC Mortgage President Rob Nunziata added that these factors led to the busiest mortgage activity Central Florida has experienced in more than five years.

In other company news, FBC Mortgage opened a branch office with three loan officers in Clermont earlier this year, and in February, the company acquired eight employees and certain assets of Renaissance Mortgage Group Inc., a residential mortgage lender in Merritt Island. Renaissance Mortgage Group reported loan volume of $55 million in 2009.

Read more: FBC Mortgage posts record June closings – Orlando Business Journal

May 25, 2010

FBC Mortgage LLC

FOR IMMEDIATE RELEASE 189 S. Orange Ave., Ste. 970

Orlando, FL 32801

Contact: Stephanie Simmons

(407) 377-0327

FBC Mortgage, LLC. Opens a Branch Office in Clermont, Florida

FBC Mortgage, LLC has officially reentered the Clermont, Florida market in an effort to strengthen its presence in Lake County. The new office is located at 735 Almond Street, Suite E which is centrally located off Highway 50 across from the Law Offices of Bret Jones, P.A. and The Doran Real Estate Company. “We are extremely happy to have a reestablished physical location that will allow us to better serve our clients in the Lake County and Clermont Markets” said Josh Dougherty, Clermont Market Manager for FBC Mortgage, LLC.

FBC Mortgage has had a presence in the Clermont Market over the past couple of years through affiliations with local Real Estate Companies, Builders, Realtors Association of Lake and Sumter Counties, South Lake Women’s Council of Realtors, South Lake Chamber of Commerce and Affordable Housing by Lake, Inc.  partnered with Lake County Housing and Community Development. “We felt reestablishing an official Branch Office in Lake County would enhance our relationships with these organizations and provide FBC the ability to better serve the mortgage needs of the Lake County area,” stated Joe Nunziata, CEO of FBC Mortgage, LLC.

Founded in 2005, FBC Mortgage is an employee and community owned residential mortgage lender. FBC is headquartered in Orlando Florida at the Plaza. Through its affiliation with Florida Bank of Commerce and its direct lending authority with FHA, VA, USDA, and conventional conduits, FBC has become one of the largest privately owned mortgage lenders in Central Florida. For additional information on FBC, please visit our press section at www.fbchomeloans.com

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Videos Posted by Xcell Advertising – Repetition is Recognition … Starting today FBC Mortgage debuts across the Xcell network. … FBC Mortgage gets your loan closed quicker with in house underwriting and faster approvals. … www.facebook.com/video/video.php?v=1455633347836…

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Tax Credit Push | David Welch’s Orlando Real Estate Blog By David W. Welch This just in from Jeffrey Sachs at FBC Mortgage: “Great News for conventional mortgage financing options. We can now go to 95% on a primary residence with a 680 credit score and 90% on a Second home with a 720 credit score. … David Welch’s Orlando Real Estate Blog – http://realestateoptimist.housingstorm.com/

February 18, 2010     

FBC Mortgage LLC

189 S. Orange Ave., Ste. 970

Orlando, FL 32801

Contact: Stephanie Simmons

(407) 377-0327

FOR IMMEDIATE RELEASE                                                                                               

 

FBC Mortgage, LLC. Acquires Staff and Certain Assets of Renaissance Mortgage Group, Inc., Merritt Island, Florida

 

 

          FBC Mortgage, LLC has acquired the staff and certain assets of Renaissance Mortgage Group, Inc. Renaissance Mortgage is a traditional residential mortgage lender headed by mortgage veteran Shawn Crouch. Shawn will manage the Merritt Island office as well as help develop the Merritt Island area for FBC.  “We are very excited about the opportunity to expand FBC’s reach into the Merritt Island market with this talented team. Additionally, this will also help us better serve the customers of our affiliated Brevard County Bank, Prime Bank” said Joe Nunziata, CEO of FBC Mortgage, LLC. Prime Bank provides competitive banking products to individuals, small to medium size businesses and professionals all designed to help their clients achieve economic success and financial security. “We are pleased to expand our service offerings to our clients to include the mortgage products of FBC Mortgage.  We welcome their mortgage professionals to our team.”   Said Dana Kilborne, President/CEO, Prime Bank

 

“Speaking on behalf of Renaissance Mortgage, we are extremely pleased to be joining such a sound, stable and successful mortgage banking organization. With the support of the FBC Mortgage platform we expect to be able to significantly increase our ability to serve the mortgage needs of the Merritt Island Area. With the changes we have seen in the market and our industry it made sense for us to look to partner with a company that has resources to excel in this new mortgage industry. ,” stated Shawn Crouch.  “We have wanted a presence in the Brevard market for some time and this acquisition gives us an instant presence and credibility” stated Rob Nunziata, President of FBC Mortgage LLC. 

About FBC Mortgage, LLC-

          Founded in 2005, FBC Mortgage is an employee and community owned residential mortgage lender. FBC is headquartered in Orlando Florida at the Plaza. Through its affiliation with Florida Bank of Commerce and its direct lending authority with FHA, VA, USDA, and conventional conduits, FBC has become one of the largest privately owned mortgage lenders in Central Florida. For additional information on FBC, please visit our press section at www.fbchomeloans.com

Monday, September 28, 2009, 3:57pm EDT

FBC Mortgage buys Tampa lender

Orlando Business Journal

http://press.fbchomeloans.com/2009oustandingsmallbusiness.pdf

 

Buyers younger as deadline approaches for tax credit By Mary Shanklin Sentinel Staff Writer

 

August 24, 2009

B

orrowers are younger and are purchasing less-expensive homes as the November deadline approaches for first-time buyers to qualify for this year’s federal tax credit, according to a report by FBC Mortgage. “Overall, the market seems to be improving, and we expect activity in the first-time buyer market to increase as the tax-credit deadline in November is fast approaching,” said Rob Nunziata, FBC’s president. Earlier this year, the average age for home-loan borrowers was 46, but it dropped to 43 in June and to 38 in July. Other trends in the July report include an increase in government loans vs. conventional mortgages, and a decline in the proportion of refinances as activity picks up with primary mortgages. Down payments have hovered in the $40,000-to-$50,000 range in recent months, while purchase prices have been about $180,000. Because of tougher underwriting guidelines, average credit scores have been above 720 during the past two quarters — their highest point in more than three years, Nunziata said.

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Orlando Business Journal – August 24, 2009

/orlando/stories/2009/08/24/story3.html?b=1251086400%5E1962791

Friday, August 21, 2009

BB&T boosts local presence with Colonial BancGroup acquisition

Orlando Business Journal – by

Anjali Fluker Staff Writer

With a single deal,

Federal regulators on Aug. 14 arranged for Winston-Salem, N.C.-based BB&T (NYSE: BBT) to take over the failed Alabama-based

BB&T Corp. is poised to become one of Central Florida’s largest banks.

Colonial BancGroup Inc.

346

Locally, BB&T operated 11 bank branches in Central Florida, while Colonial operated 35 financial centers here as of the Aug. 14 asset

acquisition, said FDIC data.

BB&T had $288.4 million in Central Florida deposits through June 30, 2008, placing it 17th among the area’s largest banks. Colonial

Bank had

$2.2 billion in total Central Florida deposits in that same time frame, which placed it fourth on the list, trailing only SunTrust, Bank of

America and Wachovia.

BB&T previously had its strongest market share in West Virginia, North Carolina and South Carolina, where it ranked among the top

three largest banks in those states, with Florida being one of its quieter markets.

Now, with a significant portion of Colonial Bank’s Central Florida customer deposits under its wing, industry experts speculated that

BB&T’s local market share will rise considerably.

“BB&T now becomes a major player as a result,” said Jack Greeley, partner and banking attorney with the Smith Mackinnon PA law firm

in Orlando. “BB&T so far has shown it can operate a very good franchise in today’s environment. When you give them more core deposits

and branch outlets, that’s significant for them.”

BB&T spokeswoman Cynthia Williams said the company did not have any detailed information on plans for the Orlando market, or

breakouts on any other individual markets.

Following the Aug. 14 acquisition, BB&T installed about 425 “ambassadors” in all of Colonial Bank’s branches and named seven new

regional presidents in Florida and Alabama — all experienced BB&T managers.

Although it’s unknown whether all of Colonial Bank’s former retail customers will remain with BB&T, it’s more than likely those

customers won’t leave, said J. Clay Singleton, a finance professor at

“It’s difficult to change banks these days, especially when you have automatic payments and those things,” Singleton said. “I don’t think

retail customers see a big difference in the bank. I suspect many of them choose a bank based on convenience.”

It’s also unclear whether BB&T will take on some of the riskier business lines that Colonial Bank was known for — including warehouse

lending.

Colonial Bank was one of the Orlando area’s largest warehouse lenders — where a financial institution provides a line of credit to a loan

originator to fund a mortgage that’s later sold on the secondary market.

BB&T also has a small presence in the warehouse lending area and appears to be carrying on business as usual for now, said Joe Nunziata,

CEO of Orlando-based

collapse.

Nunziata said although nothing official has been announced, his firm has not had any interruption in business, funding a total of about

$8.9 million in loans between Aug. 14-18 through warehouse lending.

“We’re being told Colonial’s warehousing group was part of the acquisition and they’re answering the phones as BB&T,” Nunziata said. “If

BB&T takes on this group and keeps it intact, keeps funding the same customers, it can become one of the biggest warehouse lenders in

the country.”

BB&T’s Williams said the company is still evaluating its business plans and has made no decision at this time on either warehouse or

commercial real estate lending.

from the Federal Deposit Insurance Corp., the state-appointed receiver. In the deal, BB&T acquiredColonial Bank branches and $21.8 billion in assets.Rollins College.FBC Mortgage LLC, which was part of a group previously attempting to prop up Colonial Bank prior to its

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The bank also did not detail potential layoffs that may happen because of the deal. BB&T told investors Aug. 17 that the $5 billion in

expected losses in the loan portfolio it has acquired from Colonial Bank will not have a negative impact on earnings because of the losssharing

agreement it has with the FDIC.

Under the agreement, the worst-case scenario in terms of earnings for BB&T would be a pretax exposure of about $500 million if the

entire covered portfolio of the Colonial loans were to be charged off, the bank said.

If credit losses end up being less than the expected $5 billion, BB&T would have to share some of the upside with the FDIC.

BB&T’s gains

Winston-Salem, N.C.-based BB&T Corp. took over the failed Alabama-based Colonial BancGroup Inc., a move expected to grow its

market share in Florida. Here’s some of what BB&T garnered in the deal:

Bank branches: 346

Customer deposits: $20.1 billion

Loans held/other real estate: $14.2 billion

Marketable securities: $4 billion

Liabilities: $23.7 billion

Source:

U.S. Securities & Exchange Commission filing

afluker@bizjournals.com | (407) 241-2910

All contents of this site © American City Business Journals Inc. All rights reserved.

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Orlando Business Journal – by Christopher Boyd Staff Writer

Friday, August 7, 2009

Failed Colonial rescue deal may damage

mortgage pipeline

Bank plays important role in private lending

Colonial Bancgroup Inc., a key cog in the national mortgage-loan engine, could become disabled and

cause further harm to the sputtering lending industry.

A $300 million deal aimed at propping up Orlando’s fourth largest bank fell apart July 31, casting doubt

on whether Colonial will survive.

Colonial provides loans to mortgage brokers closing the time between the origination of the loans and

when they’re sold on the secondary market.

The possible failure of the bank “could be a big blow to the economic recovery of this state,” said Valerie

Saunders, president of the Florida Association of Mortgage Bankers. “[Colonial] fills a very key role.”

Taylor, Bean & Whitaker Mortgage Co. led the failed rescue attempt. The Ocala mortgage wholesaler that

assembled a group of mortgage brokers to inject

$300 million into Colonial in exchange for 75 percent control of the company — used the bank to complete

“billions and billions of dollars worth of home loans,” Chairman Lee Farkas told the Orlando

Business Journal last spring.

Orlando mortgage broker Joe Nunziata, CEO of FBC Mortgage and part of the Taylor Bean consortium,

said Colonial’s failure would be bad news for the private mortgage lending business. “They fund a very

large portion of the nation’s non-bank mortgage loans. Without that warehouse fund, residential mortgage

lenders would be greatly affected.”

Geof Longstaff, chairman of Mercantile Capital Corp. in Altamonte Springs, uses warehouse lenders

during the placement of commercial mortgage loans. Although he doesn’t do business with Colonial, he

said the bank’s role is important. “Loans don’t get closed if the warehouse lender isn’t there. We’d be out

of business if we didn’t have warehouse lines.”

Montgomery, Ala.-based Colonial needed $300 million in capital, which was offered by the group led by

Taylor, Bean & Whitaker, to qualify for $530 million in federal bailout funds. Colonial said in its quarterly

report that without the capital, it might not survive. When contacted for additional comment about the

situation, a Colonial spokeswoman said there was nothing more to say.

2

Nunziata said the Taylor, Bean & Whitaker deal fell apart last month after Colonial failed to get a

commitment from the U.S. Treasury Department for the release of bailout funds.

In its second-quarter report released a week ago, Colonial — which reported a loss of $606 million —

warned there’s now “substantial doubt” about its ability “to continue as a going concern.” The report said

it was reducing costs, selling assets and talking with “strategic acquisition candidates,” but would have

nothing more to say unless a “satisfactory agreement” is reached.

Unless Colonial finds a solution to its financial problems quickly, it could be closed by regulators, said

Orlando banking attorney Joe Greeley of Smith Mackinnon PA.

Colonial could take steps before that might happen. Last month, it sold its branches in Nevada, and it

could continue to unload property, he said. But it’s operating under two cease-and-desist orders from the

Federal Reserve and the Federal Deposit Insurance Corp., and if it fails to meet deadlines for

improving its bottom line, a takeover is possible.

If that happens, other institutions likely would bid for Colonial’s business, and regulators would look for

the best deal for the government.

The bank is a big commercial lender with a large portfolio of Florida real estate loans. Colonial holds paper

on more than $668 million in non-performing assets in the state, and more loans are in jeopardy of going

bad. Regulators recently required Colonial to build its capital reserves to steel itself against defaults.