ABFS Buys Texas Subprime Wholesaler

American Business Financial Services, Philadelphia, has reported the acquisition of certain assets of ESI Mortgage LP, a subprime wholesale lender based in Austin, Texas.The terms of the transaction were not disclosed. Touting the company's "expanding broker origination channel," Anthony J. Santilli, chairman and chief executive officer of ABFS, said the Texas operation "fills an important market for us as we establish a national footprint and increase loan origination volume. May 2004 was the third-biggest month in ABFS history, with $160 million in loan originations." In a related matter, the company announced that Lisa Kelly has been named senior vice president of Home American Credit Inc., which does business as Upland Mortgage. Ms. Kelly had been president of ESI Mortgage.