AS THE MORTGAGE INDUSTRY DWINDLES, PRIME BRACES FOR NATIONAL EXPANSION AND CONTINUED GROWTH

Branch Acquisitions are Will Boost Loan Production by $250 Million

Southborough, MA, (PRWEB) October 5, 2003 -- Prime Mortgage Financial, the fastest growing privately held company in Massachusetts, announced today its national expansion strategy. The plan includes recent acquisitions in San Jose, CA and Chicago IL which are expected to add $250 million in 2004 loan volume production, while providing processing platforms in the Midwest and on the West Coast. These retail lenders are part of Primes greater plan for achieving exponential growth through acquisitions, development of an extensive affiliate network and dynamic recruiting efforts.

The acquisitions demonstrate Primes commitment to establish a national presence by the end of the year" states Bill Poutre, CEO. The retail lenders we selected will enable us to tap into markets not previously served, and allow us to do so quickly and efficiently." Poutre is counting on a lenders established network of local vendor relationships, loyal customer base, and a solid business reputation to boost volume. He estimates the two acquisitions to contribute 15% to Primes revenue in 2004.

Prime is committed to significantly adding loan production and growing its market share next year by actively seeking new affiliate branches as well. What we have to offer a prospective affiliate is a robust process infrastructure, and powerful lender relationships with highly favorable terms. A small lender simply has no access to such a network of significant industry partners" stated Brian Simon, who is responsible for corporate strategy and development. This relationship allows affiliates to leverage our vast resources and provide customers with a wider array of products and services they cannot tap into on their own".
In order to accommodate newly acquired lenders, Primes human resource department is struggling to keep up with growth. Not only is it gearing up for expanding its benefit offering in order to make Prime a more attractive parent, it is also actively recruiting top originators across the nation in an effort to make 2004 another record breaking year.
Primes plan to take advantage of the looming industry decline began last year with its mission to add the most respected names in mortgage banking to its executive team. It attracted such industry experts as Ted Sarris, a 25-year veteran in secondary marketing, Nick Rizzetta- former CFO of publicly held American Home Mortgage and Brian Simon, a former Wall Street mergers and acquisitions specialist to guarantee its spot as a national frontrunner. The company is now well on its way to achieving record growth in 2004. Its focus on acquiring profitable branches and hiring the most successful originators in the country will turn heads within the mortgage industry in the coming year.
The company is now well on its way to achieving record growth in 2004. Its focus on acquiring profitable branches and hiring the most successful originators in the country will turn heads within the mortgage industry in the coming year.
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