LAS VEGAS, Nov. 16, 2005 (PRIMEZONE) -- Preferred Financial Group (PFG, Inc.), a provider of mortgage lending solutions, and Shearson Home Loans, one of the fastest-growing retail mortgage brokerage firms, and member of the Consumer Direct of America holding company (OTCBB:CSUA), today announced a strategic business partnership between the two companies. The partnership enables both companies to offer a broader range of services, working together to process and fund a greater loan volume.
To sustain the rapid growth of the past few years, the two companies recognized the importance of focusing on new production and funding more loans. For Shearson, finding a partner who could manage the banking side of the business was a key factor. Having closed more than $1 billion in loans in 2004, in order to exceed that number, they began seeking a partner on the banking side, who had the capacity and infrastructure to fund additional loan volumes.
"We seek key strategic alliances that enable us to meet our long-term goals and complement our corporate culture," said Michael Barron, chairman and CEO of Shearson Home Loans. "PFG, Inc. is committed to technology, with a solid infrastructure that is capable of handling a loan volume of increasing capacity. As Shearson continues to expand and open new branches, the business partnership with PFG, Inc. enables us to grow faster and stronger, while exceeding the expectations of our clients."
As a nationwide direct lender, PFG, Inc. offers Web-based technology, in-house underwriting, document preparation, funding and closing processes, enabling a faster loan turnaround time and greater workflow efficiency. Since formation, the company has completed a transaction volume in excess of $6.8 billion, working with mortgage brokers nationwide.
"Shearson is a strong player in the residential mortgage space," said Ash Gujral, managing partner of PFG, Inc. "By combining forces, our respective clients benefit from superior account management and the ability to fund more loans in less time. To have a company of Shearson's caliber select PFG, Inc. as a partner is tremendously rewarding and reaffirms our national success in the mortgage industry."
About Shearson Home Loans
Shearson Home Loans is 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 more than 6,435 loan transactions in 2004. Shearson operates 54,000 sq. ft. of telesales and 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 Web site at www.shearsonhomeloans.com
About WLO
Headquartered in Burlingame, Calif., WLO is the wholesale channel of Preferred Financial Group, Inc. For more information, call 650.616.1301 or visit the Web site www.wloconnect.com.