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Transnational Financial Network Reports July Loan Production
Transnational Financial Network, Inc. (TFN - AMEX), a wholesale and retail mortgage banking company, disclosed its July loan production figures today.
Transnational Financial Network Reports July Loan Production
SAN FRANCISCO, CA (PRWEB) Aug, 2003 - Transnational Financial Network, Inc. (TFN - AMEX), a wholesale and retail mortgage banking company, disclosed its July loan production figures today.
Joseph Kristul, Chairman and CEO, commented: "With the close of our July production, there are two matters we have previously noted which I would like to draw to our shareholders' attention.
"First, our strategy for building our wholesale business remains in effect, despite the recent rise in mortgage rates. While we cannot help but be affected by industry conditions if the recent rise in rates leads to a protracted decline in industry volumes, we will continue to execute aggressively our wholesale lending expansion plans.
"Second, as we noted in our recently filed Form 10K-SB, we received a forward delivery commitment bonus payout of $428,000 in the fourth quarter, or approximately $0.06 per share, and this biased our gain on sale for the quarter upward. We continue to execute on these forward delivery commitments, but, as we noted, their fulfillment and related income recognition, will occur irregularly. We did not complete a forward delivery commitment in the first fiscal quarter that ended July 31st. We believe we will complete a forward delivery commitment in our second fiscal quarter. If we do, it will result in the receipt of forward delivery commitment bonus income comparable to that which we received in our fourth fiscal quarter."
Transnational Financial Network, Inc.
Monthly Loan Production
($ million)
Trailing Trailing
3 month 6 Month
Feb. March April May June July Average Average
Wholesale $53.4 $74.0 $66.5 $71.5 $86.1 $89.7 $82.4 $73.5
Retail* $72.9 $83.7 $87.4 $61.1 $71.5 $83.5 $72.0 $76.7
Total $126.3 $157.7 $153.9 $132.6 $157.6 $173.2 $154.4 $150.2
| | - Excluding production from Net Branches.
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Transnational Financial Network, Inc. is a wholesale and retail mortgage banker that originates, funds and sells mortgage loans secured by one to four family residential properties. The Company is positioned with a strong sales and service department, and has built a foundation for growth and expansion based on the results in the markets of Northern California, Southern California and Phoenix, Arizona. http://www.transnational.com.
This News Release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.
For full details, click here: http://www.investorideas.com/Companies/Transnational/NewsReleases.asp
SOURCE: Transnational Financial Network
Transnational Financial Network
Joseph Kristul, +1-415-242-8840 (CEO)
http://www.transnational.com
or
ECON Investor Relations, Inc.
Dawn Van Zant, 1-866-730-1152
dvanzant@investorideas.com
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