![]() At Meta, our mission is financial inclusion for all®. ![]() ® (" Meta") (Nasdaq: CASH) is a South Dakota-based financial holding company. For more information, please visit Cross River's website at or Twitter Meta Financial Group, Inc.® Meta Financial Group, Inc. Cross River Bank is a New Jersey state-chartered FDIC insured bank. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. By leveraging our proprietary data and analytics, and artificial intelligence we are able to offer solutions tailored for each step of a consumer's financial journey, including personal loans, home equity loans, help with debt, and even financial tools and education ( ).įor information on career opportunities at FFN, visit: Ībout Cross River BankCross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. We help people control expenses, manage debt ( Freedom Debt Relief), save money, plan ahead, and make better financial decisions. We help everyday people get on, and stay on, the path to a brighter financial future, with innovative technology and personalized support at every step. We believe in treating people like humans, not account numbers. We do what traditional banks don't: Put people first. FFAM, an FFN company, is the managing member of FCCF.Ībout Freedom Financial Network Freedom Financial Network is a leading digital personal finance company, built to help people. Total loan originations through the FFAM platform now exceed $6.1 billion, including more than $4.5 billion in FreedomPlus personal loans. The deal is the 11th securitization from Freedom Consumer Credit Fund (FCCF) and its FREED ABS Trust, bringing total issuance across all securitizations to more than $3.2 billion. The transaction structure features overcollateralization, subordination, a reserve fund and excess spread, offering the following levels of credit enhancement:Ĭlass A Notes: 58.75%Class B Notes: 37.75%Class C Notes: 28.25%Class D Notes: 15% Underwriting the transaction was Credit Suisse, serving as structuring agent and joint book runner Jefferies, joint book runner and Truist Securities, joint book runner. "We are encouraged by the strong demand from consumers and investors alike for our unique products and approach." "This transaction validates that we are succeeding in our mission of helping everyday people overcome debt and improve their financial outlook," said Andrew Housser, co-founder and co-CEO of FFN. The D class notes were not rated by DBRS. The Class A, Class B and Class C fixed-rate notes were rated AAA (sf), AA (sf) and A (low) (sf) by DBRS Morningstar. The Class A, Class B, Class C and Class D fixed-rate notes were rated AAA (sf), AA- (sf), A- (sf) and BBB- (sf) by KBRA. "We look forward to continuing to help consumers achieve their personal financial goals, while also providing compelling products to investors." "Receiving AAA ratings from two credit-ratings agencies illustrates the strength of our robust credit enhancements and FFAM's unique expertise with FreedomPlus personal loans," said Joseph Toms, president and chief investment officer of FFAM. FreedomPlus loans help consumers consolidate debt, lower interest rates and convert revolving debt into lower-cost, more consumer-friendly installment loans. on the Freedom Financial Asset Management (FFAM) platform. The underlying FreedomPlus loans were originated by bank partners Cross River Bank ® and MetaBank ®, N.A. The securitization, FREED ABS Trust 2022-1FP, was 3.5 times oversubscribed by investors and is the first Freedom deal to receive an AAA rating from DBRS Morningstar and the third to receive a AAA rating from Kroll Bond Rating Agency (KBRA). 26, 2022 /PRNewswire/ - Freedom Financial Network (FFN), a leading digital personal finance company, is pleased to announce the closing of a securitization consisting of $232.89 million in rated notes backed by FreedomPlus personal loans. Oversubscribed deal is the 11th Freedom securitization and brings total issuance to over $3.2 billion
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