United Financial Mortgage Corp. Announces Closing of Plus Funding Acquisition
January 06 2005 - 7:32AM
PR Newswire (US)
United Financial Mortgage Corp. Announces Closing of Plus Funding
Acquisition OAK BROOK, Ill., Jan. 6 /PRNewswire-FirstCall/ --
United Financial Mortgage Corp. (AMEX:UFM) (the "Company")
announced today that it has completed the acquisition of Plus
Funding. Plus Funding is a privately held retail originator of
residential mortgage loans that acts as both a mortgage banker and
broker. Plus Funding, which has served the San Diego area since
2000, has 66 full-time employees and operates seven branches in
southern California and one in Nevada. Mr. Thomas Phanco and Mr.
Phillip Ramsey, founders of Plus Funding, will remain with the
Company after the consummation of the acquisition and will serve as
President and Vice President, respectively, of the Plus Funding
division of UFM. For the year ended December 31, 2003, Plus Funding
originated $234 million in mortgage loans and had revenues of
approximately $6.1 million. Through the first eleven months of this
year, Plus Funding has originated $275 million in mortgage loans.
Through the six months ended October 31, 2004, UFM had revenues of
$33.8 million with earnings of $.31 per share. On August 31, 2004
UFM announced the acquisition of Vision Mortgage Group, a privately
held originator of residential mortgage loans that serves the
Rockford (Rock River Valley) area. In 2003, Vision Mortgage was one
of the largest mortgage originators in the Rock River Valley. For
the year ended December 31, 2003, Vision Mortgage originated $148
million in mortgage loans. About United Financial Mortgage Corp.
United Financial Mortgage Corp. is an independent originator and
servicer of residential and commercial mortgage loans. The Company
is headquartered in Oak Brook, Illinois and has 46 retail offices
and 8 wholesale operations centers across 16 states. For additional
information, please visit the Company's web site at
http://www.ufmc.com/ . This press release contains forward-looking
statements within the meaning of such term in the Private
Securities Litigation Reform Act of 1995 with respect to the
Company's business, financial condition, results of operations,
plans, objectives and future performance. Forward-looking
statements, which may be based upon beliefs, expectations and
assumptions of management and on information currently available to
management, are generally identifiable by the use of words such as
"believe," "expect," "anticipate," "plan," "intend," "estimate,"
"may," "will," "would," "could," "should" or other similar
expressions. Additionally, all statements in this document,
including forward-looking statements, speak only as of the date
they are made, and the Company undertakes no obligation to update
any statement in light of new information or future events. A
number of factors, many of which are beyond the ability of the
Company to control or predict, could cause actual results to differ
materially from those in its forward-looking statements, including,
among others, changes in demand for mortgage loans, the Company's
access to funding sources and the terms upon which it can obtain
financing, assumptions underlying the value of the Company's
retained mortgage loan-servicing rights, the impact of economic
slowdowns or recessions, management's ability to manage the
Company's growth and planned expansion, difficulties in integrating
or operating newly acquired businesses, competition in the
Company's market, changes in government regulations, the Company's
ability to expand origination volume while reducing overhead, the
impact of new legislation or court decisions restricting the
activities of lenders or suppliers of credit in the Company's
market, other risk factors disclosed from time to time in the
Company's filings with the Securities and Exchange Commission and
the inability of the Company to manage the risks associated with
the foregoing as well as anticipated. These risks and uncertainties
should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements. Additional
information concerning the Company and its business, including
additional factors that could materially affect the Company's
financial results, is included in the Company's filings with the
Securities and Exchange Commission. For Further Information
Contact: Dave Gentry, Aurelius Consulting Group, Inc., Century Bank
Building, 541 S. Orlando Avenue, Suite 206, Maitland, FL 32751,
(407) 644-4256, Fax: (407) 644-0758, DATASOURCE: United Financial
Mortgage Corp. CONTACT: Dave Gentry of Aurelius Consulting Group,
Inc., +1-407-644-4256, or fax, +1-407-644-0758, or , for United
Financial Mortgage Corp. Web site: http://www.ufmc.com/
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