United Financial Mortgage Corp. Announces Closing of Vision Mortgage Group, Inc. Acquisition
31 Agosto 2004 - 11:13PM
PR Newswire (US)
United Financial Mortgage Corp. Announces Closing of Vision
Mortgage Group, Inc. Acquisition OAK BROOK, Ill., Aug. 31
/PRNewswire-FirstCall/ -- United Financial Mortgage Corp.
(AMEX:UFM) (the "Company") announced today that it has completed
the acquisition of Vision Mortgage Group, Inc. ("Vision Mortgage").
Vision Mortgage, which has served the Rockford (Rock River Valley),
Illinois area since 1999, was one of the largest mortgage
originators in the Rock River Valley area in 2003. Mr. Cass
Wolfenberger and Mr. Michael Urnezis, founders of Vision Mortgage,
will remain with the Company and will serve as President and Senior
Vice President, respectively, of the Vision Mortgage division of
UFM. For the year ended December 31, 2003, Vision Mortgage
originated $148 million in mortgage loans. Through the first seven
months of this year, Vision Mortgage has originated $78.6 million
in mortgage loans, with purchase money mortgages comprising 65% of
its originations. For the fiscal year ended April 30, 2004, UFM had
reported revenues of $70.2 million with earnings of $.97 per
diluted share. 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 45 offices in 14
states. For additional information, please visit the Company's web
site at http://www.ufmc.com/. This press release contains, and
future oral and written statements may contain, 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. These
factors include, among others, the following: (i) changes in demand
for mortgage loans due to fluctuations in the real estate market,
interest rates or the market in which the Company sells its
mortgage loans; (ii) the Company's access to funding sources and
its ability to renew, replace or add to its existing credit
facilities on terms comparable to the current terms; (iii)
assumptions underlying the value of the Company's retained mortgage
loan-servicing rights; (iv) the negative impact of economic
slowdowns or recessions; (v) management's ability to manage the
Company's growth and planned expansion; (vi) the effect of the
competitive pressures from other lenders or suppliers of credit in
the Company's market; (vii) changes in government regulations that
affect the Company's business; (viii) the Company's ability to
expand origination volume while reducing overhead; (ix) the impact
of new state or federal legislation or court decisions restricting
the activities of lenders or suppliers of credit in the Company's
market; (x) other risk factors disclosed from time to time in the
Company's filings with the Securities and Exchange Commission; and
(xi) 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. DATASOURCE:
United Financial Mortgage Corp. CONTACT: Steve Khoshabe, President
& Chief Executive Officer, United Financial Mortgage Corp.,
+1-630-571-7222, or fax: +1-630-571-2623, or ; or Dave Gentry,
Aurelius Consulting Group, Inc., or +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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