SOURCE: First NLC Financial Services, LLC

November 30, 2006 14:30 ET

First NLC Financial Services Relocates to New Office Space

DEERFIELD BEACH, FL -- (MARKET WIRE) -- November 30, 2006 -- First NLC Financial Services, LLC, a leading nonprime mortgage originator, has announced that it will be relocating its corporate headquarters into a new 120,000 square foot location -- the Boca Corporate Center and Campus (formerly known as the T-Rex Corporate Center) located at 4680 Conference Way East in Boca Raton, Florida.

This new location is ideally suited to further First NLC's plans for continuing growth in the mortgage industry, and will be the main corporate office for First NLC nationwide.

"The move to this new office space symbolizes the commitment to long-term growth First NLC and our parent company FBR has to its customers and employees," said Neal Henschel, Chairman and CEO of First NLC.

The new space provides a solid infrastructure to support all of First NLC's operational and technological needs, and has been constructed to better suit expansion plans. For employees, the building provides a greater level of comfort, safety and convenience, with many amenities to help make their lives easier.

First NLC continues to be an employer of choice in the Boca Raton/South Florida area, and this new location will help First NLC attract and retain the best talent in the mortgage industry. First NLC currently has almost 500 employees moving to this new space.

First NLC is currently headquartered in Deerfield Beach, Florida and plans to move into the new space sometime in early 2007.

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.

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