DALLAS--(BUSINESS WIRE)--MBI Financial, Inc. (OTCBB: MBIF), a national financial services holding company that is consolidating regional mortgage brokerage companies into MBI Mortgage, Inc., its wholly owned subsidiary and mortgage banking operation, confirmed today that the company has secured the capacity to fund over $100 million in mortgage loans.
Commenting on the announcement, John M. Farkas, President of MBI Mortgage Inc., stated, “We expect that MBI Mortgage, Inc.’s loan volume will increase as our parent company’s mortgage brokerage acquisition strategy continues. Accordingly we must seek to ensure that we have the adequate resources to support growing demand as a key factor to our continued success. With facilities such as warehouse lines of credit, we have the ability to fund loans in our own name, control the process of drawing loan documents and funding, achieve permanent funding status on our loans with less risk, and capture more of the revenue associated with each a mortgage loan managed through our system. With our current resources we now have the ability to fund over $100 million in mortgage loan volume every thirty days.”
About MBI Financial, Inc.
MBI Financial, Inc. is a national financial services holding company that is in the process of consolidating regional mortgage brokerage companies into its wholly owned subsidiary and mortgage banking operation, MBI Mortgage, Inc. The company’s strategy is to expand the acquired mortgage brokerage firms by setting up and receiving mortgage brokers’ loans into its mortgage banking operation and to also grow these businesses with proven marketing programs, better and faster loan approvals, and the introduction of new and expanded loan programs. The company also believes that it can access untapped revenue potential within the mortgage origination process by creating significant cross selling opportunities and introducing a variety of financial services products at different levels of the mortgage origination and funding chain. Through initial acquisitions, MBI Mortgage, Inc. currently owns thirteen locations with offices in Dallas TX, Austin TX, Houston TX, Conroe TX, San Antonio TX, El Paso TX, Flower Mound, TX, Bedford TX, Laredo TX, Palantine IL, San Diego CA, Anaheim CA, Miami, FL and is expected to be licensed to operate in twenty four additional states by June 30 2007. For additional information, please visit the company’s website at www.mbifinancial.com
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