NEWS

WIRES

OTHER

First Franklin Shatters Records With $3.56 Billion June and $8.78 Billion Quarter

Flexible Products, Expanded Customer Care and Strong Purchase Business Contribute to Record-Breaking Quarter

Eclipsing all production records in the company's 23-year history, mortgage originator First Franklin Financial Corporation funded its largest month in June with $3.56 billion -- right at the end of its highest-producing quarter of $8.78 billion.

First Franklin's $3.56 billion June beat the recent record of $2.79 billion from May 2004. First Franklin's wholesale division funded over $3.37 billion; the consumer-direct division, Direct Connect, funded $148.17 million, and the portfolio-retention group, Preferred Advantage, produced $34.92 million for the month.

The $8.78 billion second quarter surpassed the previous milestone from the fourth quarter of 2003, coming in at $6.2 billion.

"I've never seen the First Franklin team more galvanized than they have been for the past quarter," said Andy Pollock, First Franklin's president and CEO. "Our streamlined sales efficiency, operations, marketing and product development initiatives are right on target."

First Franklin's flexible, purchase-friendly mortgage solutions continued to dominate the company's monthly product mix throughout the quarter. The company's purchase business was almost 70 percent in April and May and more than 65 percent in June. Its most popular mortgage within the company's core loan product suite was the two-year LIBOR adjustable-rate mortgage (ARM). LIBOR is the London Interbank Offered Rate, a common index for ARMs. First Franklin's Direct Access product guidelines target the non-conforming market with a unique FICO credit score-based approach that provides mortgage alternatives for borrowers in between traditional sub-prime and Alt-A status.

"First Franklin's specialty is finding loans that fit," Mr. Pollock remarked. "Our hassle-free home loans, expert salespeople and responsive service are our combination for successfully matching the right home loan to the right borrower."

First Franklin's ARM product was one of the company's best sellers throughout the quarter, reaching 70 percent of all originations in April, 65 percent in May and 70 percent in June. It continues to be an attractive mortgage alternative for both purchase and refinance transactions, primarily because of the program's flexible income documentation criteria, lower interest rates and eligibility for sought-after features, including two of its newest programs, Stated Plus and RapidRefi®.

Launched at the end of March 2004 to give borrowers even more financing options within First Franklin's product suite, Stated Plus and RapidRefi began to roll out in the second quarter. Stated Plus offers a new income documentation alternative, giving self-employed, 1099 and salaried borrowers who possess qualifying financial assets the ability to state their monthly income and qualify for more loan options, such as no-down-payment financing. Perfect for homeowners looking to lower their payments, lock in a lower rate quickly or cash out equity, RapidRefi simplifies the refinance process with faster income and mortgage history verification.

Not only has the company released new products to help target new borrowers, but First Franklin has also opened new sales branches. Now offering more local account executives, processing and underwriting, First Franklin seeks to boost production and enhance customer care in new markets. During the second quarter, First Franklin opened its Long Island, New York office, already a substantial contributor in June with $55 million. The Cleveland, Ohio office, which opened in the first quarter with a small staff, began to gain traction in June with $30 million, and the new Sacramento, California office is already operating with a $100 million month in June.

"This has been an amazing quarter for First Franklin," Mr. Pollock added. "We remain optimistic that our market share strategy of product development, branch expansion, key technology upgrades and organizational development will promote First Franklin's success in our target niche."

About National City

National City Corporation , headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Indiana, Illinois, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, consumer finance, asset management, mortgage financing and servicing and payment processing. For more information about National City, visit the company's Web site at NationalCity.com.

About First Franklin Financial Corporation

First Franklin Financial Corporation, a leading nationwide mortgage lender, is a subsidiary of National City Corporation . First Franklin employs approximately 2,000 mortgage professionals and originated $20.14 billion in non-prime mortgages in 2003. First Franklin is headquartered in San Jose, California and maintains 36 wholesale and retail sales branches throughout the country. For more information about First Franklin or their Direct Access mortgage product, call 1-800-464-8203 or visit www.ff.com.