Industry News

National wholesale mortgage lender breaks volume records

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National wholesale mortgage lender First Franklin originated $29.16 billion in 2004, the highest dollar-volume production in its 23-year history, the company said today. The $29.16 billion was the culmination of four consecutive quarters of record-breaking production, according to First Franklin. The company primarily focuses on purchase business and flexible home loans. Its purchase business remained strong all year, averaging 67 percent of all originations. The biggest 2004 product was 2-year LIBOR adjustable-rate mortgages, maintaining about 60 percent of originations, the company said. (LIBOR is the London Interbank Offered Rate, a common index for ARMs.) "First Franklin is committed to providing quality non-conforming home loan alternatives that mortgage brokers can use to help their borrowers with special financial needs," said Andy Pollock, First Franklin's president and chief executive officer, in a statement. "First-time, self-employed and credit-challenged borrowers can ...