SOURCE: First NLC Financial Services, LLC

April 26, 2005 09:30 ET

Ed Waller, Kevin Dains, Robert Miller Join New First NLC Financial Services Correspondent Lending Division

DEERFIELD BEACH, FL -- (MARKET WIRE) -- April 26, 2005 -- First NLC Financial Services, LLC, a leading nonprime mortgage originator operating in 41 states, named mortgage industry veterans Ed C. Waller as Senior Vice President/Managing Director, Kevin Dains as Vice President/National Operations Manager, and Robert F. Miller as Vice President/National Sales Manager at First NLC's newly opened Correspondent Lending Division, based in Overland Park, KS.

"We welcome the depth of experience that these three individuals bring to First NLC's new correspondent division," said Jeffrey Henschel, President of First NLC. "We anticipate that their past leadership in correspondent lending will contribute to our future success."

With 25 years of industry experience, Mr. Waller comes to First NLC from Oak Street Mortgage, LLC, where he was National Director of Correspondent Lending, overseeing national correspondent loan sales and operations. Previously he spent five years as Senior Vice President, Home Loan Services Division, and Executive Vice President, Financial Services Division, at Bank One, NA, where he managed the correspondent mortgage business, including sales, underwriting and operations. Mr. Waller holds a Bachelor of General Studies degree from the University of Kansas, Lawrence. Mr. Waller will report to Mr. Henschel.

Before joining First NLC, Mr. Dains was National Correspondent Operations Manager at Oak Street Mortgage, LLC, where he helped establish a national operations center. He previously worked five years as First Vice President/National Underwriting Manager with Bank One, NA. There he managed correspondent loan underwriting and operations. Mr. Dains earned a Bachelor of Science in Business Administration degree from the University of South Dakota, Vermillion. Mr. Dains has almost 20 years of experience in the industry and will report to Mr. Waller.

Mr. Miller was Regional Vice President/Market Manager for GB Home Equity, Guaranty Bank's wholly owned residential mortgage subsidiary, where he managed the company's mid-Atlantic sales and operations center, including underwriting, processing, closing and post closing, and sales and marketing. Mr. Miller previously was First Vice President/Market Manager, Home Loan Services at Bank One, NA, and Senior Vice President, Banc One Financial Services, Correspondent Lending. In both positions, he ran various sales and operations units relating to the companies' mortgage channels. Mr. Miller earned an associate degree in business from Camden County College. He has almost 20 years of experience in the industry and will report to Mr. Waller.

ABOUT FIRST NLC

First NLC Financial Services, LLC, a wholly owned subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), is a nonprime residential mortgage banking company originating mortgage loans in 41 states. The company has its headquarters and main operations center in Deerfield Beach, FL, and six regional operations centers in Tampa, FL; Concord, CA; Anaheim, CA; Orange, CA; Overland Park, KS; and outside of Chicago, IL. First NLC seeks to provide quality customer service, product and structuring expertise and consistency throughout the mortgage lending process. For further information, visit www.firstnlc.com.

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