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progressive37
Dud?


Joined: 17 Nov 2008
Posts: 7
Location: Maryland

Re: Franklin First Financial
PostPosted: Wed Apr 13, 2011 7:25 pm Reply with quoteBack to top

the state licensing is a very big hurdle, not worth it in my opinion. if you do some digging too back on page 5 or so of the google search you'll see they got popped by HUD in May 2010. Big fine, indemnification on a bunch of loans, and a laundry list of FHA no-nos.
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ligurl74
Dud?


Joined: 05 Mar 2009
Posts: 7

Can say nothing but positive things
PostPosted: Thu Apr 14, 2011 2:18 pm Reply with quoteBack to top

I worked for a Franklin branch in Long Island until late 2009 when my husbands job transferred him to South Carolina. My experience with Franklin First was nothing but positive. I made a lot of friends with my time there and make it a habit to to visit the office when I am up visiting. I cannot say the same for the rest of the mortgage companies in the Long Island area as most have shut down and my friends have first hand experience getting the run around from the owners. The fact that they "weathered the storm" and are still standing shows they will be around for a long time. I hope they decide to open an office in the Charleston area as I would work for them again in a heartbeat.
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progressive37
Dud?


Joined: 17 Nov 2008
Posts: 7
Location: Maryland

Re: Franklin First Financial
PostPosted: Thu Apr 14, 2011 9:01 pm Reply with quoteBack to top

http://www.federalregister.gov.....ve-actions


Action: On March 23, 2010, the Board entered into a settlement agreement with Franklin First Financial LTD (Franklin First) requiring Franklin First to pay a civil money penalty in the amount of $413,500, to indemnify HUD on thirty-one loans, and reimburse fees to 78 borrowers without admitting fault or liability.Show citation box
Cause: The Board took this action based on the following violations of HUD/FHA requirements alleged by HUD: Franklin First failed to comply with HUD's requirements concerning the registration of the following “doing business as” (d/b/a) names: Hancock First Mortgage Bankers, Kennedy First Mortgage Bankers, Presidents First Mortgage Bankers, and Senior Funding Group with the states in which it was doing business and with the Department; improperly used the HUD seal on its Web site; failed to ensure that loan applications were taken and processed by Franklin First employees; approved loans where borrowers failed to meet HUD's minimum credit requirements because Franklin First failed to provide adequate explanations for the derogatory credit; failed to adequately document the stability and/or source of income used to qualify for loans; failed to adequately document the source of funds used to close loans; approved loans with debt-to-income ratios that exceeded HUD standards without significant compensating factors and/or explanations; charged borrowers excessive and impermissible fees; failed to resolve discrepancies and/or conflicting information in loan documents; failed to complete quality control reviews for loans that were 60 days past due within the first six payments; and failed to have a written quality control plan as required by HUD/FHA.Show citation box
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