Contact Information: CONTACT: Shearson Home Loans Michael Barron 702-868-7922
Shearson Home Loans Expands Operations Infrastructure
| Source: Shearson Home Loans
LAS VEGAS, NV -- (MARKET WIRE) -- January 9, 2007 -- Shearson Financial Network,
(OTCBB : SFNN ) has reported that its subsidiary Shearson Home
Loans, is expanding its mortgage banking division operating
infrastructure in order to accommodate its planned new business
for 2007. The Company appointed Doug Lawrence as President of
Shearson Home Loans, expanded its current warehouse banking
credit facilities from 75 million to 83 million by the addition
of a line of credit with Sterling Eagle, a warehouse lender
based in West Trenton, New Jersey. An aggressive recruitment
program as well as increasing its states licensing program, has
given the Company a broader base to accommodate the forecast of
new mortgage business planned for 2007.
Chairman & CEO Michael A. Barron said, "We have been working
towards strengthing our current infrastructure of our mortgage
operations for growth for some time now. The Company has
expanded its states licensing program from 17 states in 2005,
to 47 states in 2006, a 176% increase for the year and plans to
continue throughout 2007 the growth of the states it is
licensed to do business in. This expansion allows Shearson to
accommodate those companies wishing to affiliate with the
network. Our selection of Doug Lawrence, a twenty-year seasoned
veteran in mortgage banking with a proven track record of
successfully increasing loan production towards billion dollar
levels, as President of Shearson Home Loans, solidifies our
commitment for growth for 2007."
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.
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.