Altegra Takes National City Name

Altegra Credit Co. has changed its name to National City Home Loan Services.

Phil Cunningham, executive vice president and general manager of the company, said the change reflects Altegra's transformation from a consumer finance company to the non-prime residential mortgage servicing company of National City Corp.

In December of 2000, Altegra discontinued loan origination operations so the company could focus solely on loan servicing in order to better support National City's growth strategy involving retaining loans originated by First Franklin Financial Corp.

"In short, the new identity more closely describes our function - the administration and servicing of loans - and more closely aligns our business with National City. Our mission is an integral part of National City's nonconforming residential mortgage retention strategy," Mr. Cunningham said.

National City Home Loan Services is now a business unit of National City's National Consumer Finance division. The company is based in Pittsburgh and Washington, Pa., and it employs 400 people. The company's focus is dministration and servicing of nonconforming residential mortgage loans originated primarily through First Franklin Financial Corp., itself a wholly owned subsidiary of National City Bank of Indiana.

Altegra Credit Co. was formed in 1986 as American Financial Corp. and incorporated in Florida.

Copyright c 2003 Thomson Media. All Rights Reserved.

Next in News ►