SOURCE: Shearson Home Loans

January 09, 2007 09:00 ET

Shearson Home Loans Expands Operations Infrastructure

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

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

    Shearson Home Loans
    Michael Barron