SOURCE: First NLC Financial Services, LLC

March 30, 2006 11:52 ET

First NLC Financial Services Announces Tim Walsh as Executive Vice President for The Lending Center

DEERFIELD BEACH, FL -- (MARKET WIRE) -- March 30, 2006 -- First NLC Financial Services, LLC, a leading nonprime mortgage originator, has announced the promotion of Tim Walsh to Executive Vice President within its direct-to-consumer, residential mortgage lending channel, operating in 37 states as The Lending Center. The Lending Center specializes in providing first and second mortgages for consumers with less-than-perfect credit and flexible income documentation needs.

Mr. Walsh joined First NLC in 2002 and since that time The Lending Center has opened 54 branches nation-wide in 2006 while continuing to be a driver of significant mortgage volume for First NLC. Before his affiliation with First NLC, Mr. Walsh was Regional Vice President for Ameriquest Mortgage Company. He was also the President and owner of Global Bancorp Inc. Mr. Walsh has more than nineteen years of experience in the mortgage industry.

"We are pleased to promote Tim to the title of Executive Vice President. His leadership and retail mortgage experience helped propel The Lending Center and First NLC to successes that seemed unachievable merely two years ago," said Jeffrey Henschel, President of First NLC. "Tim's vision and direction will ensure The Lending Center becomes one of the top retail mortgage lending companies in the United States."

Mr. Walsh attended Texas Lutheran University in Sequin, Texas. He lives in Alta Loma, California with his wife and three children.

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 42 states (all states except AL, AK, DC, ME, MS, NY, ND, VT & WV). The company has its headquarters and main operations center in Deerfield Beach, FL. The Lending Center name, logo and tagline are used as a trade name for First NLC Financial Services, LLC's Retail Division in every state in which First NLC operates except for CT, IL, MD, MA & RI. For more information, visit www.TheLendingCenter.com

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