United Financial Mortgage (AMEX:UFM)
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From Jun 2019 to Jun 2024
United Financial Mortgage Corp. Implements OpenClose Web-Based
Mortgage Platform
OAK BROOK, Ill., June 29 /PRNewswire-FirstCall/ -- United Financial Mortgage
Corp. (AMEX:UFM) (or the "Company") announced today that the roll- out and
implementation of the OpenClose MTG platform for its wholesale and retail
lending divisions has begun.
OpenClose MTG is a web-based loan transaction platform that eliminates
third-party transaction issues, networks mortgage brokers and loan officers,
offers online origination, automates loan approval and provides real-time
pipeline reports. For those loan officers already using a loan origination
system such as Calyx Point, OpenClose MTG provides the ability to upload a loan
file from their current loan origination software. Mortgage brokers and loan
officers will be able to securely access and edit all of their mortgage loan
files from any computer with Internet access. The OpenClose MTG platform can
double or even triple the amount of submissions a lender can process,
shortening the filing to funding commitment time from a typical 24- to 48-hour
time period down to five minutes.
Steve Khoshabe, President and Chief Executive Officer of the Company, said,
"The Company originates loans on both a wholesale and retail basis. The
OpenClose MTG platform integrates with our front-end software, credit companies
and automated underwriting, providing us with online origination, real-time
pipeline reporting, networking and a completely digital loan process. By
implementing the OpenClose MTG platform, we can provide our branches with a
high level of service while lowering costs for our mortgage broker clients and
the Company. OpenClose MTG will enable us to improve production, efficiency
and data integrity while reducing transactions costs."
About United Financial Mortgage Corp.
United Financial Mortgage Corp. is an independent originator and servicer of
residential and commercial mortgage loans. The Company is headquartered in Oak
Brook, Illinois and has 35 offices in 14 states. For additional information,
please visit the Company's web site at http://www.ufmc.com/.
This press release contains, and future oral and written statements may
contain, forward-looking statements within the meaning of such term in the
Private Securities Litigation Reform Act of 1995 with respect to the Company's
business, financial condition, results of operations, plans, objectives and
future performance. Forward-looking statements, which may be based upon
beliefs, expectations and assumptions of management and on information
currently available to management, are generally identifiable by the use of
words such as "believe," "expect," "anticipate," "plan," "intend," "estimate,"
"may," "will," "would," "could," "should" or other similar expressions.
Additionally, all statements in this document, including forward-looking
statements, speak only as of the date they are made, and the Company undertakes
no obligation to update any statement in light of new information or future
events. A number of factors, many of which are beyond the ability of the
Company to control or predict, could cause actual results to differ materially
from those in its forward-looking statements. These factors include, among
others, the following: (i) changes in demand for mortgage loans due to
fluctuations in the real estate market, interest rates or the market in which
the Company sells its mortgage loans; (ii) the Company's access to funding
sources and its ability to renew, replace or add to its existing credit
facilities on terms comparable to the current terms; (iii) assumptions
underlying the value of the Company's retained mortgage loan-servicing rights;
(iv) the negative impact of economic slowdowns or recessions; (v) management's
ability to manage the Company's growth and planned expansion; (vi) the effect
of the competitive pressures from other lenders or suppliers of credit in the
Company's market; (vii) changes in government regulations that affect the
Company's business; (viii) the Company's ability to expand origination volume
while reducing overhead; (ix) the impact of new state or federal legislation or
court decisions restricting the activities of lenders or suppliers of credit in
the Company's market; (x) other risk factors disclosed from time to time in the
Company's filings with the Securities and Exchange Commission; and (xi) the
inability of the Company to manage the risks associated with the foregoing as
well as anticipated. These risks and uncertainties should be considered in
evaluating forward-looking statements and undue reliance should not be placed
on such statements. Additional information concerning the Company and its
business, including additional factors that could materially affect the
Company's financial results, is included in the Company's filings with the
Securities and Exchange Commission.
DATASOURCE: United Financial Mortgage Corp.
CONTACT: Steve Khoshabe, President & Chief Executive Officer, United
Financial Mortgage Corp., +1-630-571-7222, or fax, +1-630-571-2623, or
; or Dave Gentry, Aurelius Consulting Group,
+1-407-644-4256, or fax, +1-407-644-0758, or , for United
Financial Mortgage Corp.
Web site: http://www.ufmc.com/