First Independent Bank, Vancouver, Wash., has reported the acquisition of Qualfund Lending, Bellevue, Wash., which has become First Independent Mortgage.The terms of the transaction were not disclosed. The bank said the mortgage company averaged more than $50 million per month in funding over the past quarter. Roger Jones, president of First Independent Mortgage and the bank's chief financial officer, said the move will give the mortgage company guaranteed funding that doesn't rely on a third party. "It will also give them the ability to make faster decisions with a streamlined qualification process," he said. First Independent Bank has a virtual branch, Indy On-Line, that can be found at http://www.firstindy.com.
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