American Residential Funding Expands Its Highly Profitable AMRES Mortgage Banking Division.COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif. -- Accelerates Transition from Lower Margin Brokered Loans to Higher Margin Mortgage Banking American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Residential Funding, Inc., "AMRES" (ARFG.PK) (www.amres.net), the rapidly growing mortgage banking and brokerage firm with 70 branch offices nationwide, is expanding its high margin AMRES Mortgage Banking division by increasing its product offerings, adding qualified staff and appointing an experienced senior executive to manage its business unit. "We are accelerating our transition to more profitable mortgage banking from principally mortgage brokerage," said Vince Rinehart, American Residential Fundings' president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "because the average revenue of $2,500 from a mortgage banking loan is significantly higher than $450 from a brokerage loan. It makes extremely good business sense to fund the mortgages at AMRES, rather than send them out to another company. This will help us reach the next business plateau plateau, elevated, level or nearly level portion of the earth's surface, larger in summit area than a mountain and bounded on at least one side by steep slopes, occurring on land or in oceans. in both growth and profitability." "With the addition of a full array of mortgage products from Impact Funding that includes loan programs with 100% home financing and self employed income," continued Mr. Rinehart, "AMRES is anticipating to grow to $350,000,000 annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. fundings' by year's end. In addition, AMRES has begun wholesale lending, funding loans originated by other loan brokerage firms. Couple this rapid growth in volume with the higher profit margins of mortgage banking, we are looking forward to a year of virtually explosive, but managed growth." Max Rodriquez has joined AMRES Mortgage Banking as Director and Vice President to head the division. Prior to this, Mr. Rodriquez, who has 25 years of experience in various aspects of residential lending, was Senior Vice President/Chief Credit Officer of a major mortgage-banking firm where he increased production from $180,000,000 to $900,000,000 in just four years. About American Residential Funding: American Residential Funding, Inc. (OTCPK:ARFG) is a dynamic and rapidly growing mortgage banking and brokerage firm, with 70 offices in 25 states and annual loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in excess of $1.4 billion. In addition to its retail brokerage operations, ARFG also consists of higher margin mortgage banking business, which is projected to contribute larger market share and higher profit margins in the future. With organic growth and potential expansion through acquisition, AMRES expects to emerge as an increasingly significant player in the $2.5 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. mortgage finance market. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 regarding future results of operations and market opportunities that are based on American Residential Funding's (ARFG) current expectations, assumptions, estimates and projections about the Company and its industry. Investors are cautioned that actual results could differ materially from those anticipated by the forward-looking statements as a result of risks, competition and other factors. These factors, along with other potential risks and uncertainties are discussed in ARFG 's reports, as well as the reports of Anza Capital, Inc., and other documents filed with the Securities and Exchange Commission. ARFG assumes no obligation to update the forward-looking information contained in this news release and encourages all potential investors to do their own due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and suitability analysis before any investment is made. |
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