First Federal Bank to Sell Third-Party Origination Division to Mortgage Forward

First Federal Bank and Mortgage Forward have entered into a definitive agreement under which Mortgage Forward will acquire First Federal’s Third-Party Origination (TPO) division, including QRL Financial Services, the companies announced.

The transaction is expected to strengthen Mortgage Forward’s nationwide mortgage platform while allowing First Federal Bank to sharpen its focus on core retail mortgage and banking operations as part of its strategic growth plan.

Under the agreement, Mortgage Forward, a credit union service organization (CUSO) within the Great Lakes Credit Union family of companies, will acquire the TPO business and its established network of mortgage partners and institutional clients. The division provides mortgage solutions to financial institutions nationwide through QRL Financial Services and related lending channels.

First Federal Bank President and CEO John Medina said the transaction aligns with the bank’s strategic priorities for 2026.

“We are pleased that this agreement allows our talented and dedicated team supporting TPO clients and institutions to continue to flourish,” Medina said. “First Federal’s 2026 strategic plan emphasizes efficiency and execution, which includes a strong commitment to the retail mortgage market. This agreement allows us to hone our focus.”

Mortgage Forward plans to leverage the acquisition to expand its product offerings, technology capabilities, and nationwide reach. Company leaders said the addition of the TPO division will enhance support for mortgage partners while providing access to additional digital tools and lending solutions.

“This acquisition strengthens Mortgage Forward’s commitment to delivering innovative mortgage options for TPO clients,” said Chip Adkins, President of Mortgage Forward. “We are excited to welcome the talented First Federal Bank team and build on their strong foundation for future growth.”

Great Lakes Credit Union Chief Strategy Officer Michael Abraham said the transaction supports the organization’s broader vision of helping credit unions and mortgage partners expand their capabilities while maintaining strong service standards.

“This acquisition aligns with our vision for Mortgage Forward and our commitment to supporting credit unions and all mortgage partners nationwide,” Abraham said. “Together, we will expand our capabilities while maintaining the service and relationships our partners value.”

Following the acquisition, Mortgage Forward intends to continue investing in technology-driven mortgage solutions while utilizing its CUSO structure to provide enhanced operational support and efficiency. The company said clients can expect continuity of service alongside expanded product and technology offerings.

The transaction is expected to close during the third quarter of 2026, subject to customary closing conditions.

First Federal Bank, headquartered in Lake City, Florida, manages more than $4.4 billion in assets and operates banking locations throughout the Southeast. The institution has received an “Excellent” rating from BauerFinancial for more than two decades and was named Newsweek’s Best Regional Bank for 2024, 2025, and 2026.

Great Lakes Credit Union, headquartered in Northern Illinois, serves more than 105,000 members and manages over $1.4 billion in assets. Mortgage Forward operates as a nationwide mortgage solutions provider supporting credit unions, financial institutions, and mortgage originators throughout the lending lifecycle.