First Finance wants investors, not borrowers, to pay the fees

BLOOMFIELD Hns, MI-First Finance here, which is looking to gain business at the expense of The Money Store, Sacramento, CA, plans to use fees received from purchasers of its paper to recoup its costs of originations, rather than charging the borrower.

Total costs per loan that First Finance would have to make up (when these costs are not being paid by the borrower) are around $1,100.

Companies purchasing paper from First Finance include ContiMortgage, Horsham, PA and Access Financial, .

In addition, said Randall Sage, chief executive of First Finance, the company will...