SOURCE: First NLC Financial Services, LLC

April 19, 2005 10:25 ET

First NLC Financial Services Starts Correspondent Lending Division

DEERFIELD BEACH, FL -- (MARKET WIRE) -- April 19, 2005 -- First NLC Financial Services, LLC, a leading nonprime mortgage originator operating in 41 states, announced the opening of its new, fully operational Correspondent Lending Division, including a state-of-the-art operations center to serve as the division's headquarters in Overland Park, KS. This facility will provide national correspondent lending services to all time zones.

The correspondent division will buy nonprime and Alt-A flow and bulk transactions up to $15 million in size. In addition to standard nonprime products, the channel will feature interest-only, stated income and alternative documentation options. The division will also offer high loan-to-value products for a range of credit scores and document type. A broad array of purchase-money options are available to help more people qualify for home loans with less money out-of-pocket.

"Our correspondent division is distinguished by providing rapid, quality service, from initial clear-to-close on flow loans to same-day, model-based pricing on bulk portfolios," said Neal Henschel, Chairman and CEO of First NLC Financial Services.

"Our product parameters are broad, thereby enabling us to provide funding solutions to the greatest possible number of correspondent clients," Henschel said.

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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