FirstBank getting out of direct-to-consumer mortgage business

Nashville-based FB Financial Corp., parent of FirstBank, is discontinuing its direct-to-consumer mortgage channel, in part due to a shortage of housing inventory, the company told federal regulators Tuesday.

In full, FB Financial cited “recent margin compression, reduced volumes due to excess capacity in the industry, refinance fatigue, and a shortage of housing inventory in the Company’s markets.” The move will allow FB Financial “to direct resources to [its] traditional consumer mortgage retail channel, which has historically yielded more predictable and consistent results,” the company added.