First Federal Bank of Florida has acquired QR Lending, a nationwide provider of residential mortgage services for community banks and credit unions.
Effective Dec. 21, QR Lending became a division of First Federal Bank of Florida, operating under the continued leadership of the current QR Lending executive team.
QR Lending provides community financial institutions with a full range of residential mortgage services, including loan origination, processing, underwriting, servicing and technology. The company is known for providing responsive service and compliance expertise that greatly simplify burdensome operations for its lending customers.
“First Federal and QR Lending share the same business philosophy and firm commitment to delivering quality, personalized customer service in the markets we serve,” said Keith C. Leibfried, First Federal president, CEO, and chairman. “With the addition of QR Lending to the First Federal family, we are now positioned to provide a full array of value-added mortgage services to community banks and credit unions across the country.”
First Federal Bank of Florida has more than $950 million in assets and 50,000 customers.
“Changes in the mortgage landscape, which include the known and unknown compliance and regulatory burdens brought on by the Dodd-Frank Act along with new state licensing requirements, made it a priority for us to reposition QR Lending by joining forces with a stable bank partner whose financial and operational strengths complement our organization,” said Tom Pisapia, executive vice president of QR Lending.
“Together, QR Lending and First Federal are able to offer cost-effective products and new programs will soon be available, such as Rural Housing and FHA Manufactured Loans to help the nation’s credit unions and community banks meet their borrowers’ mortgage needs.”