[June 17, 2004] Secured Funding Experiences Rapid Increase in Broker Network and Loan Origination Volume in First Half of 2004 COSTA MESA, Calif. --(Business Wire)-- June 17, 2004 -- Home equity lending specialist adds 500 new brokers, two new flexible HELOC products, sees loan origination increase Secured Funding Corporation, a California-based full-service retail and wholesale lender specializing in second mortgages, experienced significant growth during the first half of 2004, adding 500 new brokers to its briskly expanding network, which marks an approximate 250 percent increase over the same period in 2003. This growth demonstrates overall broker confidence in Secured Funding, as the company's reputation and profile as a nationwide lender continues to increase. The company also recently added progressive new products and services, and experienced a rapid increase in loan origination volume. Secured Funding, now in its 11th year, is poised to expand even more as it enters the 3rd quarter. During 2004, Secured Funding has added two new products to its home equity line including Secured 2ME, a unique home equity line of credit (HELOC), offering greater flexibility for borrowers with a lower range of Fair Isaac Credit Organization (FICO) scores, and a HELOC which enables borrowers greater access to their equity with a larger loan amount. Secured Funding has seen the addition of approximately 500 new brokers to its network, marking an increase of nearly 350 brokers since the same period last year. Currently Secured Funding has more than 1200 brokers in its network and adds approximately 100 each month. Additionally, the company's loan origination has experienced a 41 percent increase over last year's dollar value, having generated 4,716 loans so far in 2004, for a current dollar value of $309,434,000. Approximately 35 percent of all 2004 loans were originated in California, versus the rest of the country. Home equity loans account for 85 percent of Secured Funding's lending volume, while 20 percent of the overall loans occurred in the wholesale category and 80 percent were retail loans. As Secured Funding continues to gain national market share, the percentage of California-based loans is expected to level out as more loans originate across the country. Other services include first mortgages, debt consolidation and home improvements. "The expansion we've experienced this year alone demonstrates that Secured Funding is in fact evolving into a national lender," said Lorne Lahodny, president of Secured Funding. "We are looking forward to future growth opportunities and maintaining the course set before us." About Secured Funding Corporation Costa Mesa, Calif. based Secured Funding Corp. is a future-focused mortgage banker committed to leading the home equity revolution in America. Secured Funding remains positioned as the home equity specialist over recent years of market fluctuation. Through an emphasis on innovation and emerging technology, the company has grown to become a leader of home equity loans, serving a market often overlooked by traditional firms, thus providing lending value, strengthening connections between customers, brokers and investors, and constantly improving speed, efficiency and the overall customer experience. Specializing in home equity finance, Secured Funding Corporation has helped homeowners take advantage of their home equity by connecting investors, bankers and borrowers. While the company specializes in second lien business, Secured Funding is a full service mortgage banker offering a variety of mortgage products ranging from A-paper to sub-prime home equity loans. The company's operations are centralized by technology through its state-of-the-art headquarters in Costa Mesa, California. The company was founded in 1993, and today has over 450 employees and operates in 33 states. For more information about Secured Funding, visit www.securedfunding.com. [ Back To TMCnet.com's Homepage ]