Mortgage Daily

Published On: March 29, 2007
First Franklin Firing or Hiring?

Consolidation, AE additions planned

March 29, 2007

By COCO SALAZAR

photo of Coco Salazar
A First Franklin Financial Corp. spokeswoman said she is unaware of layoffs that have recently been reported, but she is aware of job additions.

The subprime lender is in the process of consolidating some branch operational functions, spokeswoman Catherine Manning told MortgageDaily.com.

“What that means in terms of personnel is undecided,” she added. “We’re looking at our staffing levels to see that we are appropriately staffed, increasing in areas and decreasing in others.”

But the spokeswoman said she was not aware that any layoffs had occurred.

However, “I am aware that we are increasing numbers of account executives,” the spokeswoman said. She declined to say how many because the company does not disclose specific numbers.

The consolidation comes amid woes in the subprime mortgage lending sector, which has seen loan default rates rise and a number of companies shutting doors.

Merrill Lynch acquired First Franklin from National City Corp. last December.


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