SOURCE: Shearson Home Loans

October 11, 2006 12:31 ET

Shearson Home Loans Moves Pipeline to $213 Million

LAS VEGAS, NV -- (MARKET WIRE) -- October 11, 2006 -- Shearson Home Loans, a fast-growing mortgage banker/broker, has announced today its mortgage loan pipeline has risen in excess of $150 million. Typically, the Company will close 50% of its open pipeline in any 30-day period. The increase in the pipeline has been due to increased branch recruitment over the last six months and recent acquisitions. The Company typically earns revenue between 3% to 5% on loans it closes from its pipeline.

Chairman & CEO Michael A. Barron said, "Despite the increase in mortgage rates, our company is experiencing significant growth in loan originations which is the fuel gauge for revenue in our industry. We think this is because the Shearson Home Loans network of services offers superior capability to independent mortgage brokerages and they seek to affiliate with our program."

About Shearson Home Loans

Shearson Home Loans is a fast-growing provider of residential mortgages. It employs over 500 people in the residential mortgage division. Shearson operates 54,000 sq. ft. of branch office space with 37 locations in 47 states. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com

Contact Information

  • Contacts:
    Michael Barron
    Shearson Home Loans
    702-868-7900