Franklin Credit Management Profile
Franklin Credit Management Corporation operates as a consumer finance company. The company primarily engages in the servicing and resolution of performing, reperforming and nonperforming residential mortgage loans, including specialized loan recovery and collection servicing, and in the analysis, pricing and acquisition of residential mortgage portfolios, for third parties.
Loan Servicing and Collection Operations
As of December 31, 2013, the company’s specialty servicing and collection business consisted of 67 servicing and collection employees who serviced and provided recovery collection services and actively managed approximately 38,100 loans and real estate properties, including a total of approximately 29,950 first and second-lien loans for the Bosco-related entities: approximately 1,760 home equity loans for Bosco I; approximately 23,060 subordinate-lien loans for Bosco II; approximately 480 first and subordinate-lien loans that are in principally bankruptcy, foreclosure or charge-off statuses for Bosco III, and approximately 550 loans pledged by subsidiaries of the company’s former parent company to a consortium of lenders, including Bosco III, a 50% participant lender; approximately 3 real estate owned properties serviced for Bosco IV; approximately 2,400 non-performing subordinate lien loans serviced for Bosco V; and approximately 1,700 performing, subperforming and non-performing subordinate lien loans serviced for Bosco VI.
Real Estate Assets Serviced for Other Entities
As of December 31, 2013, the company serviced for other entities 111 real estate owned properties.
Government Regulation
The company’s business is regulated by Federal, state and local government authorities and is subject to Federal, state and local laws, rules and regulations, as well as judicial and administrative decisions that impose requirements and restrictions on its business. At the Federal level, these laws, rules and regulations include Dodd-Frank Wall Street Reform and Consumer Protection Act, and the various regulations promulgated under that Act; CFPB Mortgage Servicing Rules (effective January 10, 2014). Equal Credit Opportunity Act and Regulation B; Truth in Lending Act and Regulation Z; Home Ownership and Equity Protection Act; Real Estate Settlement Procedures Act, and Regulation X; Fair Credit Reporting Act; Fair Debt Collection Practices Act; Fair Housing Act; Telemarketing and Consumer Fraud and Abuse Prevention Act; Telephone Consumer Protection Act; Gramm-Leach-Bliley Act; Servicemembers Civil Relief Act; Fair and Accurate Credit Transactions Act; CAN-SPAM Act; SAFE Act; and Helping Families Save Their Homes Act of 2009.
History
Franklin Credit Management Corporation, a Delaware corporation, was incorporated in 1988.
