Citizens Financial Group (CFG) Reports Acquisition of Franklin American Mortgage Company
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Citizens Financial Group, Inc. to Expand Mortgage Banking Business with Acquisition of Franklin American Mortgage Company
May 31, 2018 6:50 AM EDTCreates top-15 bank-owned mortgage servicing and origination platform*
PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE:CFG or Citizens) today announced a definitive agreement to purchase the assets of Franklin American Mortgage Company (Franklin American Mortgage), a Franklin, Tennessee-based, highly regarded national mortgage servicing and origination firm with a leading position among private, non-bank mortgage companies. As of March 31, 2018, Franklin American Mortgage managed a $41.4 billion mortgage servicing portfolio and generated approximately $13.7 billion in annualized originations for the first quarter 2018, nearly 100 percent of which was conforming.*
The addition of Franklin American Mortgage triples... More
