Managing Editor- Orlando Business Journal
The Nunziatas and a group of FBC Mortgage executives, employees and former FBC Investors formed Pine Court Holdings LLC, which is buying FBC Mortgage for an undisclosed amount. When the transaction closes, the executive management team will continue to be based in Orlando and will retain the FBC Mortgage name. The deal is expected to close in March.
FBC Mortgage previously was acquired by Sterne Agee Group in 2012, and with Sterne Agee’s announcement of its acquisition today by Stifel Financial, the timing could not have been better for the former owners to re-acquire the company. “Our team is very excited about the re-acquisition of the company,” said Rob Nunziata, co-manager of Pine Court Holdings and co-CEO of FBC Mortgage, in a prepared statement.
FBC Mortgage was founded in Orlando in 2005 and remains headquartered here. Currently, FBC has more than 450 employees throughout the U.S., with most of them located in Central Florida.
Many of FBC’s current employees worked for American Heritage Mortgage, a company started by the Nunziata brothers’ father, Salvatore Nunziata Jr.
FBC has been expanding throughout the U.S. in retail, correspondent and wholesale residential lending, and is licensed in 45 states. The company funded $2.1 billion dollars in 2014 and is on track to do more than $3 billion in 2015, making it one of the largest privately owned independent mortgage bankers in the U.S.
“We are truly excited to become an independent mortgage banker again focused solely on residential lending, and we are optimistic about our growth opportunities,” said Joe Nunziata, co-manager of Pine Court Holdings and co-CEO of FBC Mortgage, in a prepared statement.