First Federal Bank Announces Agreement to Sell Third Party Origination Division to Mortgage Forward, a CUSO in the Great Lakes Credit Union Family of Companies

LAKE CITY, Fla. and CHICAGO, June 5, 2026 /PRNewswire/ -- First Federal Bank, headquartered in Florida, and Mortgage Forward, in Illinois, jointly announced today that they have signed a definitive agreement for Mortgage Forward to acquire First Federal's Third-Party Origination (TPO) division, including QRL Financial.

The TPO division will augment Mortgage Forward's long-term strategy to expand its national mortgage lending platform and strengthen support for clients seeking competitive, borrower-focused mortgage solutions. Through the acquisition, the division will have additional resources to continue and expand support for new and existing clients.

"We are pleased that this agreement allows our talented and dedicated team supporting TPO clients and institutions to continue to flourish," said John Medina, President and CEO of First Federal Bank. "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."

With the acquisition of the TPO group, Mortgage Forward will better serve TPO clients by offering additional technology and expanded products. Mortgage Forward will continue to invest in digital solutions coupled with CUSO expertise.

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

With growth-oriented leadership, the company and its new division will continue to be recognized as best-in-class in the industry.

"This acquisition aligns with our vision for Mortgage Forward and our commitment to supporting credit unions and all mortgage partners nationwide. Together, we will expand our capabilities while maintaining the service and relationships our partners value," says Michael Abraham, Chief Strategy Officer of Great Lakes Credit Union.

The parties anticipate this transaction to close in the third quarter of 2026.

About First Federal Bank & QRL Financial Services

First Federal Bank, headquartered in Lake City, FL, is a leading financial institution committed to serving the needs of its customers and communities. With banking locations across the southeast, First Federal Bank is a community-owned bank that provides a wide range of consumer and commercial banking solutions, services, and loans. QRL Financial Services provides mortgage solutions to financial institutions nationwide, out of Madison, WI. With over $4.4 billion in assets, First Federal's family of brands has a steadfast focus on innovation and customer satisfaction. The bank has been consistently recognized with an "Excellent" rating from BauerFinancial, Inc. for over 20 years. Newsweek named First Federal the "Best Regional Bank" for 2024, 2025, and 2026. To learn more, visit www.ffbf.com.

Member FDIC. Equal Housing Lender.

About Great Lakes Credit Union (GLCU) 

Founded in 1938 and headquartered in Northern Illinois, Great Lakes Credit Union is banking for a greater good. As a not-for-profit financial cooperative with more than $1.4 billion in assets, GLCU is proud to serve more than 105,000 members in Chicagoland and surrounding areas, and to give back to its members and communities through education, volunteerism, and partnerships. Learn more at www.glcu.org. 

About Mortgage Forward

Mortgage Forward, LLC is a credit union service organization in the Great Lakes Credit Union Family of Companies specializing in nationwide mortgage solutions. The organization helps credit unions, financial institutions, and originators expand mortgage offerings, strengthen operational efficiency, and deliver exceptional experiences across the full lending lifecycle. Learn more at www.mortgagefwd.com.

SOURCE First Federal Bank