CORRECTING and REPLACING Transnational Financial Network Reports October Loan Production.Business Editors CORRECTION...by Transnational Financial Network SAN FRANCISCO--(BUSINESS WIRE)--Nov. 7, 2003 In BW5458 issued Nov. 7, 2003: First graph, first sentence of release should read: Transnational Financial Network, Inc. (AMEX AMEX See: American Stock Exchange :TFN TFN Tax File Number (Australia) TFN TheForce.Net (Star Wars Fan Site) TFN Taiwan Fixed Network TFN Texas Freedom Network TFN Tribe Flood Network ), a wholesale and retail mortgage banking company released its October loan production figures today (sted Transnational Financial Network, Inc. (AMEX:TFN), a wholesale and retail mortgage banking company released its September loan production figures today). The corrected release reads: TRANSNATIONAL FINANCIAL NETWORK REPORTS OCTOBER LOAN PRODUCTION Transnational Financial Network, Inc. (AMEX:TFN), a wholesale and retail mortgage banking company released its October loan production figures today. Joseph Kristul, Chairman 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. , commented: "We are encouraged that our wholesale funding levels have remained relatively constant during our second fiscal quarter, despite the dramatic increase in mortgage interest rates that began in mid June 2003 and continued through August, 2003. The Mortgage Bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. Association Weekly Mortgage Applications Survey indicates that combined refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. and purchase applications have declined by 62% between the week ending June 13, 2003 and the week ended October 24, 2003. This decline in mortgage industry originations continues to affect our production as I projected it would late last summer. Nonetheless, we believe we are well positioned to weather this downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. for the following reasons: 1. Notwithstanding the competitiveness of the environment, we are maintaining our gain on sale margin, while we put in place opportunities to improve it in the future; 2. We continue to cut our costs aggressively; 3. We are adding account executives as I previously said we would. Their production should begin to have a positive effect on our total originations sometime in the next 3-6 months; 4. Our product mix and geographic markets have allowed us to experience less shrinkage Shrinkage The amount by which inventory on hand is shorter than the amount of inventory recorded. Notes: The missing inventory could be due to theft, damage, or book keeping errors. in production levels than the overall industry. While the industry saw a 62% decline in application levels as stated above, our loan production was down only 46% between our peak month of July 2003 and October 2003. We expect to release our second fiscal quarter operating results and file our Form 10-QSB during the first week of December."
Transnational Financial Network, Inc.
Monthly Loan Production
($ million)
Trailing Trailing
3 month 6 Month
May June July Aug. Sept. Oct. Average Average
----------------------------------------------------------------------
Wholesale $71.5 $86.1 $89.7 $43.4 $45.9 $44.9 $44.8 $63.6
Retail(1) $61.1 $71.5 $83.5 $71.3 $59.2 $48.4 $59.5 $65.8
Total $132.6 $157.6 $173.2 $114.7 $105.1 $93.3 $104.3 $129.4
(1)Excluding production from Net Branches.
Transnational Financial Network, Inc. is a wholesale and retail mortgage banker that originates, funds and sells mortgage loans secured by one to four family residential properties. The Company is positioned with a strong sales and service department, and has built a foundation for growth and expansion based on the results in the markets of Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern , Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. . This News Release may contain "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. " within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. For full details, click here: http://www.investorideas.com/Companies/Transnational/NewsReleases.asp |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion