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Franklin Credit Gets Subservicing Business

Franklin Credit Management here has entered into an agreement to service loans for a third party.

On May 28, Franklin Credit Management entered into agreements to service approximately $245 million in residential home-equity line of credit loans for Bosco Credit, which is owned by Thomas Axon, chairman of Franklin Credit. The loans were acquired by Bosco also on May 28.

"This represents a major step forward for our company in the execution of its business strategy targeting the provision of services for third parties on a fee-paying basis," said Gordon Jardin, CEO of Franklin Credit Management Corp.

"We view this as a substantial servicing contract that will provide a source of diversified revenues for Franklin Credit as we build on our servicing and portfolio acquisition experience with residential mortgage loans."

Franklin Credit Management Corp. is a specialty consumer finance company primarily engaged in the servicing and resolution of its performing, reperforming and nonperforming residential mortgage loans. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/

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