EXHIBIT 99.1
FOR IMMEDIATE RELEASE:
United Financial Mortgage Corp. Announces the Date of its Annual
Meeting and Continued Success in Executing its Growth Strategy
Book Value and Servicing Portfolio Increase Substantially
Oak Brook, IL, July 26, 2004 -- United Financial Mortgage Corp. (Amex: UFM
or the "Company") announced today that its Annual Meeting of Shareholders
would be held on Wednesday, September 8, 2004. The meeting will be held at
the Renaissance Oak Brook Hotel in Oak Brook, Illinois at 2:00 p.m. CST.
The Company also indicated its continued success in growing its servicing
portfolio, expanding its origination capabilities through both organic
growth as well as acquisitions, and diversifying its business through the
introduction of additional products and services.
Although mortgage originations continue to comprise a significant portion
of its revenues, the Company has continued to grow its loan-servicing
portfolio, increasing the unpaid balances of loans serviced by 166% from
$526 million as of April 30, 2003, to $1.4 billion as of April 30, 2004.
The Company anticipates that the servicing portfolio will grow to more than
$2 billion over the next 8-10 months provided the interest rate environment
remains favorable.
Since December 2003, the Company opened six new retail branch offices.
In addition, as the pace of consolidation within the industry begins to
accelerate, the Company intends to continue to seek out opportunities to
recruit experienced mortgage professionals and accretive acquisitions.
Since April 30, 2003, the Company's per share book value increased 51% from
$3.21 to $4.83 as of April 30, 2004 with cash and cash-equivalents of $14.7
million comprising approximately 50% of book value.
Steve Khoshabe, President and Chief Executive Officer of the Company, stated
"We believe it is important for the investment community to understand that
our strong balance sheet, the revenue stream from our servicing portfolio
and our eighteen years of experience in this business will all contribute to
our ability to continue to execute our growth strategy."
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 36 offices in 14 states. For additional
information, please visit the Company's web site at 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.
For Further Information Contact:
Steve Khoshabe, President & Chief Executive Officer, United Financial
Mortgage Corp., 815 Commerce Drive, Suite 100, Oak Brook, IL 60523,
(630) 571-7222, Fax: (630) 571-2623, investorinfo@ufmc.com
Dave Gentry, Aurelius Consulting Group, Inc., Maitland City Plaza,
225 S. Swoope Avenue, Suite 214, Maitland, FL 32751,
(407) 644-4256, Fax: (407) 644-0758, dave@aurcg.com