First Federal Bank is expanding its nationwide mortgage lending operations by acquiring Watson Mortgage Corp. and investing in digital solutions. The Florida-based thrift announced a deal to acquire the mortgage division of Watson Realty Corp., a large Jacksonville-based real estate brokerage. The terms of the deal were not disclosed, but First Federal Bank plans to continue serving Watson’s mortgage customers across its footprint. The acquisition includes over 1,100 licensed real estate agents working out of 45 Watson Realty Corp. offices in Florida markets like Jacksonville, Orlando, and Daytona Beach.
Watson Realty Corp. Chairman Bill Watson expressed his pleasure with the agreement, stating that it allows their team to continue providing mortgage solutions to customers and offering valuable mortgage expertise. Watson Realty’s strategic plan for 2024 focuses on helping customers secure homes in a challenging rate environment.
Founded in 1994, Watson Mortgage Corp. is based in Jacksonville, Florida, and is also licensed in Georgia. The acquisition will see the vast majority of Watson Mortgage employees retained by First Federal Bank, with the lender transitioning to the First Federal brand in a few months. John Medina, President and CEO of First Federal Bank, highlighted the benefits of the acquisition, including gaining a nationwide consumer direct mortgage platform and providing community banking, customer service, and stability to a broader customer base.
In addition to the Watson Mortgage Corp. acquisition, First Federal Bank has previously acquired the assets and employees of BNC National Bank’s mortgage division. The bank has expanded its mortgage lending capacity by funding new loans and acquiring QRL Financial Services, a wholesale lending division, in 2011.
First Federal Bank’s commitment to digital solutions has seen increased use of online tools by customers since 2020. The bank operates mortgage centers in Florida, Georgia, Kansas, and Wisconsin and partners with Blend Labs Inc. to accept mortgage applications through its website. The bank continues to invest in cutting-edge digital solutions while providing personalized customer service.
In its most recent annual report, First Federal Bank reported originating $1.58 billion in mortgages in 2022 and providing an additional $1.7 billion in home loans through warehouse lines of credit. The bank sponsors 155 mortgage loan originators and funds mortgages through correspondent lending partners.
First Federal Bank continues its expansion of nationwide mortgage lending operations through acquisitions and technology investments. They recently announced a deal to acquire the mortgage division of Watson Realty Corp., a Jacksonville-based real estate brokerage. The acquisition of Watson Mortgage Corp. will allow First Federal Bank to serve Watson’s mortgage customers in Florida markets, including Jacksonville, Orlando, and Daytona Beach. Watson Realty Corp. Chairman Bill Watson expressed excitement about the agreement, noting that it allows their team to continue providing mortgage solutions and expertise.
Founded in 1994, Watson Mortgage Corp. is also licensed in Georgia and sponsors 17 mortgage loan originators. First Federal Bank plans to retain the majority of Watson Mortgage employees and transition the lender to the First Federal brand shortly after closing. This acquisition follows First Federal Bank’s previous acquisition of BNC National Bank’s mortgage division last summer, which provided them with a nationwide consumer direct mortgage platform.
First Federal Bank’s expansion strategy includes investments in digital solutions and partnerships with companies like Blend Labs Inc. to streamline the mortgage application process. They operate mortgage operations centers in several states and have a team of 155 mortgage loan originators. Additionally, the bank funds mortgages originated by mortgage brokers and correspondent lending partners. Through their wholesale lending division, QRL Financial Services, they provide subservicing and appraisal compliance services.
In 2022, First Federal Bank reported originating $1.58 billion in mortgages and funding an additional $1.7 billion in home loans through warehouse lines of credit. They received high ratings on lending, investment, and service tests in their most recent Community Reinvestment Act performance evaluation. The bank’s commitment to providing cutting-edge digital solutions while maintaining personal service aims to meet the evolving needs of customers in the mortgage industry.
Overall, First Federal Bank’s continued expansion through acquisitions and technology investments positions them as a key player in the nationwide mortgage lending market. Their focus on serving customers with innovative digital solutions and personalized service sets them apart and enables them to adapt to changing market trends.
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