Cityscape's UK subsidiary signs 22 new exclusive referral agreements.ELMSFORD, N.Y.--(BUSINESS WIRE)--Oct. 18, 1996--Cityscape Financial Corp. (Nasdaq:CTYS CTYS Chat to You Soon ), through its wholly-owned subsidiary City Mortgage Corporation Ltd. (CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. ), today announced the completion of 22 new exclusive referral agreements with mortgage brokerage firms throughout the United Kingdom. Under the agreements, which have an initial period of three years, the mortgage brokers will submit all non-conforming mortgage applications they receive to CMC, offering CMC the right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. . Robert Grosser, Cityscape's President and Chief Executive Officer, said, "We believe these actions illustrate our commitment to the UK non-conforming market and better position the Company to benefit from opportunities in that market. These exclusive referral agreements present the Company with a competitive advantage, and represent another significant step in strengthening CMC's position as the leading non-conforming mortgage originator in the United Kingdom." Since March of 1996, CMC has made strides in penetrating the UK market including the acquisitions of J&J Securities, Ltd. and Heritable her·i·ta·ble adj. 1. Capable of being passed from one generation to the next; hereditary. 2. Capable of inheriting or taking by inheritance. Finance Group and the completion of 25 contracts of exclusivity with local brokers. David Steene, Managing Director of CMC, said, "Through our continued efforts to strengthen our core business, CMC has evolved into a full service organization with the ability to serve the broad spectrum of mortgage customers in the United Kingdom. The success of our efforts in the UK and the market recognition of CMC within the UK brokerage community are evidenced by these exclusive referral agreements." Cityscape Financial Corp. is a consumer finance company which, through its wholly-owned subsidiaries, Cityscape Corp. and City Mortgage Corporation Ltd., is engaged in the business of originating, purchasing, selling and servicing home equity mortgage loans, secured primarily by one-to-four-family residences, in the United States and the United Kingdom. Cityscape was founded in 1985 and is headquartered in Elmsford, New York Elmsford is a village in Westchester County, New York, United States. The population was 4,676 at the 2000 census. As a village, it is located in the Town of Greenburgh. The village is named after a large elm tree that once grew in the community. , with regional processing offices in California, Georgia, Illinois and Virginia. CONTACT: Robert C. Patent, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition Tim S. Ledwick, CFO See Chief Financial Officer. Cityscape Financial Corp. (914) 592-6677 or Michele Katz/Jason Langer Press: Stan Froelich/Elisabeth Philippe Morgen-Walke Associates (212) 850-5600 |
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