® ("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. 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. Freedom Financial Network has more than 2,300 dedicated employees across California, Arizona and Texas and is recognized as a Best Place to Work.įor information on career opportunities at Freedom Financial Network, visit: Ĭross 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. By leveraging proprietary data and analytics, our solutions are tailored for each step of a consumer's financial journey and include personal loans ( FreedomPlus), home equity loans ( Lendage), help with debt ( Freedom Debt Relief), and even financial tools and education ( ). Our solutions help everyday people get on, and stay on, the path to a brighter financial future, with innovative technology and personalized support. We do what traditional banks don't: Put people first. Issuance across all FCCF securitizations now totals over $3.8 billion and total loan originations through the FFAM platform now exceed $8 billion.įreedom Financial Network is a leading digital personal finance company.
The transaction structure features overcollateralization, subordination, a reserve fund and excess spread. Underwriting the transaction was Credit Suisse, serving as structuring agent and joint book runner Jefferies, joint book runner and Truist Securities, joint book runner. FreedomPlus loans help consumers consolidate debt, lower interest rates and convert revolving debt into lower-cost, more consumer-friendly installment loans.
The underlying FreedomPlus loans were originated by bank partners Cross River Bank ® and MetaBank ®, N.A.
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Underwriting for the FreedomPlus loan program is based on proprietary algorithms that evaluate behavioral, transactional, employment and income data, as well as a manual review of borrowers' creditworthiness. The deal is the 13 th securitization by Freedom Consumer Credit Fund (FCCF), an investment fund managed by Freedom Financial Asset Management (FFAM). The securitization, FREED ABS Trust 2022-3FP, is the third Freedom deal to receive an AAA rating from DBRS Morningstar and the fifth to receive a AAA rating from Kroll Bond Rating Agency (KBRA). SAN MATEO, Calif., J/PRNewswire/ - Freedom Financial Network (FFN), a leading digital personal finance company, announces the closing of a securitization consisting of $323.55 million in rated notes backed by FreedomPlus personal loans. Deal is the third Freedom securitization of 2022 to receive AAA ratings from both DBRS and Kroll