Friday, March 7, 2008

First Frankling Goes Bye, Bye!

STUART, FL - Two more mortgage entities are closing doors this week resulting in approximately 700 more job losses for industry professionals.

Approximately 650 workers at First Franklin and its NationPoint division based in Lake Forest, California got pink slips as mortgage operations shut down this week. NationPoint is a division of First Franklin Financial Corporation – who is an operating subsidiary of Merrill Lynch Bank & Trust Co. President & CEO of First Franklin, Andrew Pollock, confirmed the rumors in an email to employees.

No information could be found on the NationPoint website, but it does appear that the “apply now” link is disabled. The First Franklin website states, “Effective March 5 at 2 p.m. PST, 2008 First Franklin Financial Corporation will no longer accept mortgage loan applications. Thank you for considering us as a source for your mortgage originations. We realize that our 26 years of success and accomplishments would not have been possible without the people and businesses in the mortgage industry.”

Unique Mortgage Solutions, a FNMA direct lender out of Paramus, NJ has also layed off approximately 50 employees and closed its doors. The company had branch offices in Tallahassee, FL and Easton, PA and was licensed in 11 states. The main website is still up and there is no notice as of print, but a call to the number listed on the website was answered with a, “This number has been suspended…” recording. The company’s wholesale website has been taken offline.

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