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 qualify for the loan amounts
and flexibility they need to achieve their dreams of home ownership."
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