SOURCE: Shearson Home Loans

April 13, 2007 14:09 ET

Shearson Home Loans Branch Grows Loan Volume Amid Industry Woes

LAS VEGAS, NV -- (MARKET WIRE) -- April 13, 2007 -- Shearson Financial Network, Inc. (OTCBB: SFNN) www.sfnncorp.com, announced today that its wholly owned subsidiary, Shearson Home Loans www.shearsonhomeloans.com has set a year-to-date loan volume origination record for the Irvine, California based operations center of the company. Shearson Home Loans has generated loan volume in its banking loan pipeline of $44 million for the period ended April 10, 2007. The performance figures represent an increase of over 140% growth in loan volume over last year. The Company recently opened the Irvine operations center and despite industry woes, has continued to increase loan production submitted to its banking division.

"We are pleased that the Company has continued to grow during the competitive mortgage market here in the Irvine area," stated Doug Lawrence, President of Shearson Home Loans. "Our management team here has undertaken an aggressive growth plan and we are seeing great results."

"Their progress continues to underscore that Shearson Home Loans has maintained a steady and conservative governance which has allowed us to avoid issues that other companies in the industry are now experiencing," said Michael Barron, CEO of the parent company. "We have consistently stayed away from the sub-prime sector and have chosen to bank only about 20% of our total volume. This strategy has allowed the company to avoid the pitfalls of financing sub-standard credit and therefore avoid the risks as well. We believe this strategy is key to our current profitability and future plans," stated Barron.

About Shearson Financial Network, Inc.

The company is a consolidator of independent mortgage brokerages. Shearson operates 17,538 sq. ft. of branch office space licensed in 33 states. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonfinancialnetwork.com, www.sfnncorp.com or www.shearsonhomeloans.com

Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.

Contact Information

  • CONTACT:
    Shearson Financial Network
    Las Vegas, Nevada.
    Michael Barron
    702-868-7922