LAS VEGAS, June 23, 2005 (PRIMEZONE) -- Consumer Direct Lending (CDL), a wholly owned subsidiary of Consumer Direct of America (www.cdofamerica.com) (OTCBB:CSUA) announced today that it has been approved by COUNTRYWIDE Funding Corporation as a correspondent seller of residential mortgages.
"We are pleased that our mortgage group has been approved by COUNTRYWIDE," states Michael Barron, CEO of Consumer Direct of America, CDL's parent. "The COUNTRYWIDE product line will occupy a central anchor point for our borrowers and we look forward to a long relationship with them." COUNTRYWIDE provides CDL with an array of over 250 products as well as advanced technology in underwriting and loan administration via its CLOUTS system. Over 65% of CDL's $1.1 billion in closed loan volume for 2004 was based in products which COUNTRYWIDE specializes in.
About Consumer Direct of America
Consumer Direct of America is a fast-growing provider of residential mortgages. It employs more than 300 people, 250 of whom are residential mortgage real estate brokerage professionals who have closed loan volume of over $1 billion for the year ended December 31, 2004. Consumer Direct operates 54,000 sq. ft. of tele-sales and branch office space. The company operates over 40 branch locations in 34 states. Emerging as a national leader in mortgage banking/ brokerage and ancillary services, the company plans to double its retail branch network across the United States to 100 branches by the end of 2005. The company's core competence in direct-to-consumer marketing technologies and methods results in efficiency rates that are up to 150 percent higher than industry averages.
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.