The Federal Deposit Insurance Corp. has hired First Financial Network Inc. to market and sell $40 million in residential mortgage loans from the failed Miami Valley Bank. The Lakeview, Ohio, bank had $86.6 million in assets when the FDIC closed it in October, transferred all the insured deposits to a local bank, and retained all the assets. FFN president and chief executive Bliss Morris said she expects due diligence to begin in February, and the bid date will be in early March. "We are pleased to assist FDIC with this assignment," Ms. Morris said. "We have proven our ability to transact sales of this nature on behalf of FDIC and look forward to another successful portfolio offering." Based in Oklahoma City, FFN has an online loan trading platform that provides qualified investors with immediate access to due-diligence information.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry