|Moderated By: ig -- (Not Moderated) -- Started: 5/22/1999 2:57:00 AM Revision History|
Prism Financial Corp (NASDAQ: PRFN) is expected to open for trading Tuesday, May 25, 1999. They describe themselves as follows:
"Prism Financial is a leading retail mortgage banking company engaged in the business of originating, selling, and brokering residential mortgage loans. We originated $8.3 billion in loans in 1998, making us the 3(rd) largest non-depository retail originator in the United States and the 11(th) largest overall, on a pro forma basis after giving effect to our 1998 acquisitions. Through our network of approximately 775 commission-only loan originators operating out of 119 retail branches in 17 states as of February 28, 1999, and our relationships with operators of leading Internet mortgage web sites, we offer a broad array of residential mortgage products targeted primarily to high-credit-quality borrowers. We operate as both (1) a mortgage banker, underwriting, closing and funding loans, and (2) a mortgage broker, selling the loan products of over 100 different lenders. We believe that our large loan origination volume and this hybrid banker/broker structure enable us to consistently offer our customers favorable rates on a wide range of mortgage products and provide convenient, high-quality customer service.
"Since being founded in 1992, we have focused on growing our origination volume by building a retail origination network through internal growth, selective acquisitions and, recently, relationships with operators of Internet mortgage web sites.
"INTERNAL GROWTH: Excluding acquisitions, our annual origination volume has grown from $15.7 million in 1992 to $3.2 billion in 1998. Since 1992, we have opened 55 branches in 12 states, including 45 branches opened since the beginning of January 1998.
"GROWTH THROUGH SELECTIVE ACQUISITIONS: Since 1996, we have completed six acquisitions. As of their acquisition dates, these acquisitions have added to our existing network over 400 loan originators operating out of 63 branches in 9 states. In March 1999, we entered into a definitive agreement to acquire First City Financial Corp., a Denver-based mortgage banking company with approximately $1.7 billion in 1998 mortgage originations.
"INTERNET GROWTH: Our objective is to become the leading provider of mortgage products through the Internet. We have established strategic relationships with operators of leading Internet mortgage web sites, including Consumer Financial Network, E-Loan, GetSmart, HomeShark, Intuit's QuickenMortgage, iQualify, Keystroke, Lending Tree, Loanz.com, and Microsoft's HomeAdvisor. In 1998, we originated over $122 million of the over $4.0 billion of loans generated over the Internet. We have originated approximately $125 million of loans over the Internet in the first three months of 1999."
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