Subprime wholesaler First Franklin Financial Corp., San Jose, Calif., has entered the alternative-A market and plans to securitize the loans through its parent company, Merrill Lynch.In an interview with MortgageWire, FFFC president and chief executive Andrew Pollock said the nonprime lender had been planning the menu expansion for a year. It began accepting the loans on June 11. Mr. Pollock said he anticipates that alt-A loans could account for about 10% of the company's volume this year. (In 2006, FFFC funded $27.6 billion in subprime loans, ranking ninth nationwide, according to the Quarterly Data Report.) FFFC funds loans through a network of 20,000 approved brokers. (For more details, see the June 18 issue of National Mortgage News.)
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