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First NLC Financial Snapshot
First NLC Financial Services originated, underwrote, and funded primarily non-prime residential mortgage loans to borrowers who don't quite meet underwriting standards. The mortgage banking firm originated some 70% of its loans through a wholesale channel of some 5,300 independent brokers in nearly 40 states. Its remaining loans wereoriginated through a retail channel of more than 40 branch offices in 17 states. Its correspondent division bought and serviced nonprime loans. Most First NLC borrowers used their loans for home purchases; however, some used them to consolidate debt or to refinance existing loans. The company, which has filed for Chapter 11 bankruptcy protection, has shut down and is liquidating.
