SPOKANE, Wash., Feb. 20, 2018 (GLOBE NEWSWIRE) — Complete Financial Solutions Inc. (“CFSI”) (OTC:CFSU) announced that its subsidiary, Acceptance Capital Mortgage Corporation (“ACMC”), has reached an agreement with FirstFunding, Inc., a privately held non-depository (non-banking) financial services company for a $5 million delegated warehouse line of credit.
“We have dealt with FirstFunding on a non-delegated basis for many years,” noted Allen Ringer, CEO of CFSI. “This new delegated relationship offers ACMC the ability to underwrite and fund loans originated by its branch network and to maximize the profitability from that part of the transaction. Because of this new warehouse vehicle, the increase in revenue per transaction could be meaningful, and will allow us to remain competitive in terms of fees charged to borrowers.” Mr. Ringer continued, “The ability to compete on fees offers our retail branches another valuable tool to grow loan production volumes.”
Complete Financial Solutions Inc. is an emerging financial services company. Through its subsidiary companies, CFSI offers mortgage origination and processing services in 26 states. Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved lender allowing ACMC to both bank and broker FHA loans. ACMC offers a spectrum of mortgage products through a variety of correspondent and broker relationships. For more information, visit our website at www.cfsi.biz.
This press release may contain forward-looking statements that involve risks and uncertainties concerning our expected performance and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: uncertainty regarding our future revenue growth, operating results and profitability; our business being dependent on the health of the mortgage industry; government regulation; and the effect of industry restructuring, higher interest rates or adverse economic conditions. Statements in this release should be evaluated in light of these factors. We have included a detailed discussion of certain risks and uncertainties that could cause actual results and events to differ materially from our forward-looking statements in the section titled “Risk Factors,” filed with our Annual Report, posted with the OTC Disclosure and News Service on April 13, 2017, which is available at www.otcmarkets.com. CFSI undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Contact: Allen Ringer, CEO
Rich Inza, Investor Relations