LAS VEGAS, June 1, 2006 (PRIMEZONE) -- Shearson Home Loans today announced that the Las Vegas based national mortgage network has re-organized the former direct marketing and telesales mortgage marketing company, Consumer Direct of America, into a fully functional national mortgage network. "Consumer Direct had focused on the direct access to the consumer to sell telesales products, including mortgage loans," stated Michael Barron, Shearson's CEO. "Now that the re-fi boom is over, we have discontinued direct marketing of mortgage loans and centered the company on the 'needs based lending' that has made Shearson profitable these last three years."
Under the reorganization, the company name has been changed from Consumer Direct of America to Shearson Financial Network. Operations of the newly reorganized company focus exclusively on mortgage loans and real estate related services. The company's wholly owned subsidiary, Shearson Home Loans, operates numerous branch locations throughout the United States and has production hubs in Long Island, New York,and Las Vegas, Nevada. The new operations will continue a growth strategy of acquiring regional mortgage brokers.
About Shearson Home Loans
Shearson Home Loans and its affiliates is a fast-growing provider of residential mortgages with branch offices licensed in over 30 states. It employs over 300 people, 250 of whom are residential mortgage professionals with closed-loan volume of $60 million per month. Shearson operates 54,000 sq. ft. of branch office throughout the country. 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.