Franklin American Mortgage Company

What Franklin American Mortgage Company does

Franklin American Mortgage Company operates a correspondent mortgage lending channel that purchases closed mortgage loans from originating lenders (banks and Third Party Originators) and sells them into the secondary market through agency programs (Fannie Mae/FNMA, Freddie Mac/FHLMC, Ginnie Mae/GNMA). The company offers both conventional agency products and government-insured products (FHA, VA) with delegated and non-delegated underwriting options, allowing correspondent sellers to retain or transfer underwriting responsibility. It also supports flexible delivery structures, including best-efforts and mandatory commitments, and operates the TPO Connect digital platform for Third Party Originators to submit and track loans through the pipeline.

The company generates revenue on a transactional basis, capturing the spread between the price paid to acquire loans from correspondents and the price received when the loans are packaged and sold to agency investors in the secondary market. Go-to-market is exclusively channel-based: dedicated Regional Account Managers maintain direct relationships with correspondent lenders across the United States, supported by operations and underwriting staff. Pricing for individual loans varies with market conditions, loan type, and loan characteristics; specific pricing is not publicly disclosed.

Since 2018, Franklin American has operated as a wholly-owned subsidiary of Citizens Financial Group, Inc., and now conducts business under the Citizens Correspondent Lending brand. Corporate headquarters is at One Citizens Plaza, Providence, RI. Citizens Bank, N.A. (NMLS ID# 433960) is an FDIC member and Equal Housing Lender. The company's stated commitment to correspondent lending dates back to 2001. No AI, machine-learning, or advanced analytics capabilities are disclosed; the technology footprint is described as a streamlined, user-friendly correspondent delivery platform rather than an AI-native system.

Name

Franklin American Mortgage Company

Legal name

Franklin American Mortgage Company

Website

https://franklinamerican.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Franklin American Mortgage Company, operating as Citizens Correspondent Lending, purchases closed mortgage loans from correspondent lenders and sells them into agency (FNMA, FHLMC, GNMA) and government (FHA, VA) secondary markets, earning transactional spread revenue through delegated and non-delegated underwriting channels.

Ownership category

akta.pro rank

Product category

Correspondent Mortgage Lending

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Mortgage Loan Sales & Aggregation (Correspondent/Conduit Aggregators) (FSALAFAD)

akta.pro secondary industries

Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI), Government Wholesale Lending (FHA/VA/USDA) (FSALACAE)

Keywords

• Correspondent lending
• Mortgage loans
• Agency products
• Loan underwriting
• Secondary market

Headquarters

HQ city

Franklin

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Correspondent Lending Revenue: Franklin American Mortgage Company generates revenue by purchasing mortgage loans from correspondent lenders. The company earns income through the spread between the rate paid to originate loans and the rate at which loans are sold to investors in the secondary mortgage market (FNMA, FHLMC, GNMA)

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Franklin American Mortgage Company purchases mortgage loans originated by third-party correspondent lenders and resells them to agency investors (FNMA, FHLMC, GNMA) in the secondary mortgage market. It offers a broad range of Agency and Government products with delegated and non-delegated underwriting, FHA and VA sponsorship, and best-efforts and mandatory delivery commitments, supported by Regional Account Managers and the TPO Connect technology platform.

Product overview

Franklin American Mortgage Company (acquired by Citizens Bank in 2018) operates as a correspondent lending channel offering a unified product suite. The core offering is Correspondent Lending, which encompasses FNMA, FHLMC, and GNMA mortgage products backed by competitive pricing. The portfolio includes FHA and VA sponsorship with both delegated and non-delegated underwriting options, plus best-efforts and mandatory delivery options. Third Party Originators can access the platform via TPO Connect, which provides a streamlined, user-friendly delivery process. The service is supported by dedicated Regional Account Managers and operations staff.

Differentiator

Problem solved

Functional benefit

Products and services

• Correspondent Lending

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Citizens Financial GroupcoreOthers · 1 January 2018In 2018, Citizens Financial Group completed its acquisition of Franklin American Mortgage Company. The acquisition integrated Franklin American's systems, processes, and colleagues into Citizens. Franklin American's correspondent lending operations continue under the Citizens brand, maintaining the vision of becoming the standard of excellence in mortgage banking while leveraging Citizens' position as one of the nation's oldest and largest financial institutions.

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Homepoint: Wholesale and correspondent mortgage lender focused on independent mortgage bankers. Comparable correspondent aggregator model selling into FNMA/FHLMC/GNMA.
• PRMG (Paramount Residential Mortgage Group): National independent mortgage bank offering wholesale and correspondent channels. Competes with FAMC for third-party originator relationships across agency and government products.
• PennyMac Loan Services: Top US correspondent aggregator and servicer. Operates a large correspondent channel purchasing loans from originators for sale to GSEs, overlapping directly with FAMC's products and customers.
• Rocket Pro TPO: Rocket Mortgage's wholesale/correspondent channel for independent mortgage brokers. Same correspondent aggregator model targeting third-party originators with agency and government products.
• loanDepot: National retail and wholesale mortgage originator. Wholesale channel competes for the same third-party originator relationships and secondary-market execution as FAMC.
• NewRez (Shellpoint Mortgage Servicing): National mortgage lender and servicer with active wholesale/correspondent operations. Comparable to FAMC across agency and government products and correspondent delivery mechanics.
• Caliber Home Loans: National mortgage originator and servicer with correspondent and wholesale channels. Comparable to FAMC in purchasing agency and government loans from correspondents.
• Mr. Cooper: Large US mortgage servicer and correspondent aggregator. Comparable to FAMC in the correspondent purchase/sell side of the business and as a meaningful aggregator of agency production.
• United Wholesale Mortgage: Largest US wholesale/correspondent mortgage lender. Directly comparable to FAMC as a pure-play correspondent aggregator buying loans from third-party originators and selling into the secondary market.

Broad incumbents

• Citizens Financial Group (parent): Parent of Franklin American Mortgage Company. Broad incumbent bank with retail, commercial, and mortgage businesses; FAMC operates as its correspondent lending channel within this larger diversified institution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Franklin American Mortgage Company