First Financial Network Signs Agreement to Sell FDIC Assets
National loan sale advisor First Financial Network reached a five-year agreement with the Federal Deposit Insurance Corp. to value, market and sell assets held in FDIC receiverships.
In the last five years, FFN has executed more than 33 transactions for the FDIC totaling $13.6 billion.
Furthermore, FFN, based in Oklahoma City, has imaged more than 428,000 loan documents containing over 3 million discrete pages, and indexed approximately 1.5 million documents encompassing 12 million discrete pages to support those initiatives.
“We’ve always enjoyed an excellent relationship with the FDIC, and we look forward to continuing this long partnership and facilitating the successful disposition of loans on their behalf,” said Bliss Morris, founder and CEO of First Financial Network.
For more than 20 years, the firm has set the standard in the loan sale advisory industry by selling billions of dollars in loans other assets globally. The firm also pioneered bulk loan sales during the savings and loan crisis in the early 1990s to sell loans of all sizes and collateral types.
Presently, FFN utilizes its online loan sale network platform to provide immediate access to due diligence information in order to find qualified investors to bid on loans on behalf of banks, agencies of the federal government, special servicers and other lenders.