The Start of a New Chapter

Franklin American Mortgage is joining the Citizens Bank family, expanding our capabilities and helping us better serve our customers and partners.

Franklin American Mortgage and Citizens Are Better Together

We’re excited to announce that Franklin American Mortgage has entered into an agreement to be acquired by Citizens Bank, N.A., one of the nation’s oldest and largest financial institutions. By joining forces with Citizens and complementing each other’s strengths, we’ll improve the breadth and depth of our capabilities. In doing so, we’ll be able to help more customers with one of the biggest purchases of their lives.

The transaction is expected to close in the third quarter of 2018. In the meantime, we’ll continue to provide information and updates, as well as answer as many questions as possible. We remain committed to putting our clients first and look forward to an even brighter future together.

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Customer/Borrower FAQs

  • Why did Franklin American Mortgage choose Citizens Bank as its acquisition partner?

    Franklin American Mortgage believes joining a well-established bank like Citizens will provide the resources needed to continue to grow and evolve our collective capabilities and to better serve our customers.

  • Where is Citizens Bank located?

    Citizens Bank, N.A. is headquartered in Providence, Rhode Island. In consumer banking, Citizens offers approximately 3,300 ATMs and approximately 1,150 branches in 11 states in the New England, Mid-Atlantic, and Midwest regions. Citizens originates mortgages in the 48 contiguous states and offers auto lending, student lending, and commercial banking services in select markets nationwide. In commercial banking, Citizens offers corporate, institutional, and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance, and trade finance.

  • Is Citizens Bank a publicly traded company? Where can I find out more information about the company?

    Yes, its parent company, Citizens Financial Group, Inc. (CFG), trades on the New York Stock Exchange. You can learn more at http://investor.citizensbank.com/about-us.aspx.

  • How will this acquisition impact my loan/business relationship with Franklin American Mortgage?

    We have signed an agreement to be acquired by Citizens, and the acquisition is expected to be completed in the third quarter of 2018. In the meantime, the impending acquisition has no impact on your loan. Acquisitions and transfers of mortgage servicing are a common practice. The manner in which your loan is serviced should not change. We look forward to continuing to work with you to meet your home financing needs.

  • I am currently in the process of applying for a mortgage with Franklin American Mortgage. How does this acquisition impact that? Should I seek another lender or work with Citizens instead?

    We appreciate that you have chosen to work with Franklin American Mortgage for your mortgage and encourage you to continue to work with us. Franklin American Mortgage continues to originate mortgages for customers, as the acquisition has not been completed and is not expected to be completed until the third quarter.

  • Will this acquisition have any impact on how I make payments on my loans?

    There are no immediate changes to how you pay your mortgage. Once the acquisition is complete, we will contact you with updated information and can answer any questions you may have.

  • Who do I contact with questions on my loan?

    At this time there are no changes as to who you contact regarding your loan. Please continue to contact our servicing department at 877-883-1073 or visit www.famchomeloan.com or www.franklinamerican.com. If you have a relationship with a loan officer, you may also continue to reach out to him/her. Should any contact information change during the transition period, we will let you know.

  • When do you expect to communicate any changes to my loan or payment information as a result of this acquisition?

    The terms and conditions of your loan are governed by your note and mortgage and therefore will not change. Your mortgage payment will not change except for the periodic adjustments needed to pay tax and insurance obligations if the loan is escrowed. We will notify you, well in advance, if there is a change in the address or methods you currently use to make the mortgage payment. The acquisition is expected to be completed in the third quarter of 2018. If you have any questions in the meantime, please contact our servicing department at 877-883-1073 or visit www.famchomeloan.com or www.franklinamerican.com.

  • My closing date is expected around the time you anticipate the acquisition will be completed. Do I need to move my closing date?

    No, please do not worry about moving your closing date. We are committed to managing in-process loans through this integration with little to no impact. We will contact you immediately if there are changes of which you should be aware as you close your loan with us.

  • Does my due date or grace period change due to this acquisition?

    The terms and conditions of the loan are not affected by the loan transfer. This includes the due date, grace period for payments, and any loan repayment options you have in place with us. Your mortgage is due on the first of the month (unless otherwise agreed upon) and does not incur late fees until the expiration of your grace period (15 calendar days after the due date for most loans). Your mortgage note details due date and grace period information.

  • I am currently in the process of loss mitigation with your Default team. Will the types of assistance being offered to me or the loan modification that I have in progress be changed as a result of this business transaction?

    No, nothing should change. You should look forward to receiving the same quality of service, and we will continue to work closely with you and the loan investor in offering financial alternatives to assist you during your time of hardship.

B2B Customer FAQs

  • Why did Franklin American Mortgage choose Citizens Bank as its acquisition partner?

    Franklin American Mortgage believes joining a well-established bank like Citizens will provide the resources needed to continue to grow and evolve our collective capabilities and to better serve our customers.

  • Where is Citizens Bank located?

    Citizens Bank, N.A. is headquartered in Providence, Rhode Island. In consumer banking, Citizens offers approximately 3,300 ATMs and approximately 1,150 branches in 11 states in the New England, Mid-Atlantic, and Midwest regions. Citizens originates mortgages in the 48 contiguous states and offers auto lending, student lending, and commercial banking services in select markets nationwide. In commercial banking, Citizens offers corporate, institutional, and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance, and trade finance.

  • Is Citizens Bank a publicly traded company? Where can I find out more information about the company?

    Yes, its parent company, Citizens Financial Group, Inc. (CFG), trades on the New York Stock Exchange. You can learn more at http://investor.citizensbank.com/about-us.aspx.

  • How will this acquisition impact my loan/business relationship with Franklin American Mortgage?

    We have signed an agreement to be acquired by Citizens, and the acquisition is expected to be completed in the third quarter of 2018. In the meantime, the impending acquisition has no impact on your loan. Acquisitions and transfers of mortgage servicing are a common practice. The manner in which your loan is serviced should not change. We look forward to continuing to work with you to meet your home financing needs.

  • I have customers currently in the process of applying for a mortgage with Franklin American Mortgage. How does this acquisition impact this?

    We appreciate that you have chosen to work with Franklin American Mortgage for your mortgage and encourage you to continue to work with us. Franklin American Mortgage continues to originate mortgages for customers, as the acquisition has not been completed and is not expected to be completed until the third quarter.

  • What if I object to having my customers’ mortgages transferred to Citizens as a result of this acquisition?

    We value your business and want you to feel comfortable with what changes will occur. The terms of your existing loans are not changing, and we are dedicated to making our integration with Citizens as seamless as possible for our customers. We want to understand some of your concerns. Please reach out to your main point of contact at Franklin American Mortgage so we can try to address those for you.

  • Will my main point of contact change once the acquisition is complete?

    There are no changes to your point of contact at this time. If that should change, we will notify you in advance of any changes.

  • When do you expect to communicate any changes to my loan or payment information as a result of this acquisition?

    The acquisition is expected to be completed in the third quarter. We will be providing relevant updates to customers until that time and will be sure to clearly communicate any changes to your account or repayment options in a timely manner. If you have any questions in the meantime, please feel free to reach out to your main point of contact with Franklin American Mortgage.

  • I have customers with closing dates expected around the time you anticipate the acquisition to be complete. Do I need to move their closing date?

    No, please do not worry about moving any closing date. We are committed to managing in-process loans through this integration with as little impact to customers as possible. We will contact you immediately if there is any impact to your loans and will work with you to find a solution.