Cervus Financial Closes its First Residential Mortgage in Ontario.TORONTO -- Cervus Financial Corp. ("Cervus"), a subsidiary of Cervus Financial Group Inc. (CFG CFG Configuration (File Name Extension) CFG Control Flow Graph CFG Context-Free Grammar CFG Club for Growth CFG Cienfuegos, Cuba (city/airport code) CFG Critical Friends Groups :TSX-V), a financial services 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. company dedicated to providing mortgages through mortgage brokers, announced today that it has successfully closed its first residential mortgage in Ontario. "This is a significant milestone for the company and all its partners, demonstrating a fully operational, end-to- end solution used to scale this business nationally", states Gary Bartholomew, 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. of Cervus Financial Group Inc. "The national rollout to the mortgage broker partners has commenced and already our mortgage broker partners have stated that the service levels being provided are unprecedented in the industry." "My client enjoyed a very good experience with Cervus. The approval was given in minutes, the closing process was smooth, clear and concise and at the best mortgage rate in the business" said Ms. Karen Monteiro, Senior Mortgage Agent, The Mortgage Alliance Company of Canada. "I have now a relationship with the customer, for life and through continued good service, expect to retain this client with an annuity payment stream for 15 to 20 years." Cervus has now demonstrated a complete end to end, processing solution that provides, for the first time, cost and performance advantages in the residential mortgage marketplace. From origination to fulfillment, closing and servicing, all systems, including Cervus' proprietary systems, are operational. Additionally, our technology and infrastructure partners have aligned themselves with our transaction business model, greatly reducing the start up and ongoing fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). typically associated with legacy systems. The transaction model compensates our infrastructure partners as part of the transaction revenue earned on the sale and servicing of the loans under administration. Cervus is now receiving origination volumes in Ontario from multiple mortgage broker partners and will begin accepting high-ratio residential mortgages from British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography in October. About "Customer for Life" The Cervus "Customer for Life" model enables the mortgage professional to retain the relationship with the borrower as a customer throughout the life of the mortgage. The compensation model also creates a continued revenue stream in the form of trailer fees, a one time origination fee A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. and a renewal fee every time the customer renews with Cervus. This creates income security for the mortgage professional allowing a long-term relationship to be developed with the borrower. This long-term relationship subsequently gets passed along to the institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. of the mortgage security, creating a higher yield long-term investment cash flow stream. The Cervus "Customer for Life" model creates profitable relationships for the borrowers, mortgage professionals, institutional investors and for Cervus. About Cervus Cervus Financial Group Inc. is a Canadian financial services company created as an industry initiative with leading mortgage broker companies and fixed income investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. to become a high-yield mortgage producer and the largest mortgage broker lender of AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. mortgages in Canada. Our new and innovative business model demonstrates contracted asset accumulation of $30 billion in mortgages over five to seven years by fusing industry ownership, technology, service delivery and long term recurring revenue for the mortgage brokers. Cervus works on the basis of a "Customer for Life(TM)" model, where the borrower is the client of the mortgage broker and Cervus is effectively the "Back Office - Servicer" between borrowers and investors. Cervus has assembled an experienced management team and board of directors who are knowledgeable in banking, financial service and related businesses. Cervus is focused on funding and servicing high-ratio and conventional residential mortgages originated through mortgage brokers. Cervus is currently licensed under mortgage broker legislation in Ontario and British Columbia and is seeking similar regulatory approvals in Alberta and Quebec. Cervus' head office and Ontario operations centre is located in Toronto, with additional planned offices in Vancouver (2005) serving Western Canada
Western Canada, commonly referred to as the West and in Montreal serving Quebec (2005). Cervus Financial Group Inc., will carry on all lending operations through its wholly-owned subsidiary, Cervus Financial Corp. Forward-looking (safe harbour) statement Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," plans," "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Additional information about Cervus is available on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com). The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release. Cervus Financial Group Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CFG) |
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