LAS VEGAS, Oct. 18, 2005 (PRIMEZONE) -- Consumer Direct of America (OTCBB:CSUA) (CDA), a financial services holding company, today announced that its subsidiary, Shearson Home Loans, a fast growing mortgage banker/broker, has set its own new record for its mortgage loan pipeline at $213 million. Typically, the Company will close between 33% to 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. The Company typically earns revenue between 3% to 5% on loans it closes from its pipeline.
Chairman and 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 Consumer Direct of America
Consumer Direct of America (OTCBB:CSUA) is a holding company for Shearson Home Loans, a fast-growing provider of residential mortgages. It employs over 300 people, 250 of whom are residential mortgage real estate brokerage professionals who had closed-loan volume of $1.1 billion, which accounted for over 6,435 loan transactions in 2004. Shearson operates 54,000 sq. ft. of branch office space with 37 locations in 30 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.