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First NLC, a subprime mortgage lender, has halted all mortgage originations.
“Due to conditions beyond our control, effective immediately we are no longer taking applications. Those loans where closing documents have been executed will be funded in the normal manner,” is posted on the home page of their website.
Originating over $7.4 billion mortgage loans in 2006, First NLC was one of the top sub-prime residential mortgage lenders in the nation.
In 2005, FBR bought the subprime lending unit for $101 million and arranged a sale last summer to an affiliate of private equity firm Sun Capital Partners.
At this point, there is some uncertainty regarding the company’s future, although some say First NLC may file for bankruptcy protection.