SOURCE: First NLC Financial Services, LLC

April 18, 2006 11:00 ET

First NLC Financial Services Promotes Karen Loney to Executive Vice President, Assistant to the President, National Operations Manager

DEERFIELD BEACH, FL -- (MARKET WIRE) -- April 18, 2006 -- First NLC Financial Services, LLC today announced the promotion of Karen Loney to the position of Executive Vice President, Assistant to the President & National Operations Manager, reporting directly to Jeffrey M. Henschel, President & Chief Operating Officer. In her new capacity, Ms. Loney will continue to have direct responsibility for operations throughout the company's wholesale, retail and correspondent lending divisions and will also manage special projects and committees as directed by Jeffrey Henschel.

"We are extremely proud to promote Karen to a position in which her new responsibilities reflect the level of expertise and experience she has garnered during her career at First NLC. Karen has a proven capability in delivering exceptional service and promoting positive team morale," said Jeffrey Henschel.

Since First NLC's inception, Ms. Loney has held key management positions in operations and has played an integral role in establishing seven efficient and productive operations centers nationwide. The promotion of Ms. Loney reflects the company's steady growth and expansion.

"We are very excited to promote Karen to this much deserved position. She has shown incredible talent and loyalty to the company. We look forward to Karen's continued contributions to the success of First NLC," said Neal Henschel, Chief Executive Officer, First NLC Financial Services, LLC.

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. The company's headquarters and main operations center is located in Deerfield Beach, FL, with six regional operations centers in Tampa, FL; Anaheim, CA; Concord, 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.net.

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