The Florida-based Thrift will expand its retail mortgage business into Louisiana and Mississippi and retain most of NOLA Lending Group’s employees and brand identity.
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First Federal Bank is expanding into Louisiana and Mississippi by acquiring NOLA Lending Group, the mortgage division of Fidelity Bank, while retaining most of the NOLA brand and employees. NOLA Lending Group has 84 mortgage originators across 25 branches and originated $464 million in mortgage loans in 2024, according to data from NMLS and iEmergent. Florida-based First Federal Bank employs 146 mortgage originators across 27 branches and reported $1.9 billion in mortgage origination volume in 2024, according to its annual report. First Federation expects a smooth technology transition as NOLA Lending uses a similar system and partners with Blend Labs for digital mortgage applications.
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Florida-based savings bank First Federal Bank is expanding its consumer mortgage operations into Louisiana and Mississippi by acquiring NOLA Lending Group, the mortgage division of New Orleans-based Fidelity Bank.
First Federal Bank, which expanded its presence in Florida and Georgia by acquiring the mortgage division of Jacksonville, Fla.-based real estate brokerage Watson Realty Corp. in 2024, plans to maintain the NOLA Lending Group brand identity and retain most of its employees. Terms of the deal were not disclosed.
According to records maintained by the National Multistate Licensing System (NMLS), NOLA Lending Group employs 84 mortgage loan originators across 25 branches and originated $464 million in mortgage loans in 2024, according to an analysis by iEmergent.
“We are pleased to have reached an agreement with a partner that will allow our talented and dedicated team to continue to focus on delivering superior mortgage banking solutions to customers in our core markets,” Chris Ferris, CEO and president of Fidelity Bank, said in a statement.
Lake City, Fla.-based First Federal Bank employs 146 mortgage loan originators at 27 branches in the Southeast, according to NMLS records. First Federal Bank reported in its most recent annual report to investors that it originated $1.9 billion in mortgage loans in 2024 and funded an additional $1.8 billion in mortgage loans through warehouse credit facilities provided to correspondent lending partners.
“The NOLA lending team uses much of the same technology as First Federal, making the transition easy for our employees and customers,” Doug Brendel, president of home lending at First Federal Bank, said in a statement.
First Federation Bank has partnered with cloud-based banking platform Blend Labs Inc. to accept mortgage applications through its website.
The bank acquired its wholesale lending arm, QRL Financial Services, in 2011. In addition to mortgage broker-originated loans, QRL Financial Services also provides subservicing and appraisal compliance.
As a federal savings association, or “thrift,” First Federal must hold at least 65 percent of its portfolio assets in “qualified savings investments,” which include mortgages, home equity loans, education loans, small business loans, and loans made through credit cards or credit card accounts.
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