First Federal Bank announced it has entered into a definitive agreement to sell its Third-Party Origination (TPO) division, including QRL Financial, to Mortgage Forward, a credit union service organization (CUSO) within the Great Lakes Credit Union family of companies.
The transaction is designed to support Mortgage Forward’s strategy to expand its national mortgage lending platform while enhancing services and resources for mortgage partners nationwide. The acquisition will provide the TPO division with additional technology, products, and operational support to continue serving both existing and prospective clients.
According to First Federal Bank President and CEO John Medina, the agreement supports the bank’s broader 2026 strategic plan, which prioritizes efficiency, execution, and a continued focus on the retail mortgage market. Medina noted that the transaction allows the bank to sharpen its focus while ensuring the TPO team can continue to grow and support clients.
Mortgage Forward plans to leverage the acquisition to enhance its offerings for TPO clients through expanded product capabilities and increased investment in digital mortgage solutions. The company expects the addition of the TPO division to strengthen its position in the mortgage lending sector and support future growth initiatives.
Mortgage Forward President Chip Adkins said the acquisition reinforces the company’s commitment to delivering innovative mortgage solutions and expressed enthusiasm about welcoming the First Federal Bank team. He added that the organization intends to build upon the division’s existing foundation and reputation in the industry.
Great Lakes Credit Union Chief Strategy Officer Michael Abraham said the acquisition aligns with Mortgage Forward’s long-term vision and its commitment to supporting credit unions and mortgage partners nationwide. Abraham noted that the combined organization will expand capabilities while maintaining the service levels and relationships valued by partners.
The companies expect the transaction to close during the third quarter of 2026, subject to customary closing conditions.
Headquartered in Lake City, Florida, First Federal Bank operates banking locations across the southeastern United States and provides consumer and commercial banking products and services. Through its family of brands, which includes QRL Financial Services, the institution manages more than $4.4 billion in assets. QRL Financial Services, based in Madison, Wisconsin, provides mortgage solutions to financial institutions nationwide.
KEY QUOTES:
“We are pleased that this agreement allows our talented and dedicated team supporting TPO clients and institutions to continue to flourish. 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.”
John Medina, President and CEO, First Federal Bank
“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.”
Chip Adkins, President, Mortgage Forward
“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.”
Michael Abraham, Chief Strategy Officer, Great Lakes Credit Union
