Hundreds Laid Off at First NLC

Published August 02, 2007, 2:00 p.m. EDT

1 Min Read

Subprime lender First NLC Financial Services, Boca Raton, Fla., laid off hundreds of workers on Aug. 1, according to industry sources.At deadline time, company chief executive/chairman Neal Henschel could not be reached for comment. At one time the wholesale/retail funder employed more than 1,000 full-timers, said one competitor. One executive called the layoffs "massive." A source inside the firm confirmed the job cuts to MortgageWire but said he could not offer up a number. "We're still funding loans," he added. First NLC is owned by investment banker Friedman Billings Ramsey, which is selling about 80% of the lender to Sun Capital Partners, a private investment firm that has offices in Boca Raton, New York, London, Tokyo, and elsewhere.

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