EXHIBIT 99.1


 FOR IMMEDIATE RELEASE:

               United Financial Mortgage Corp. Announces Closing of
                     Vision Mortgage Group, Inc. Acquisition


 Oak Brook, IL, Tuesday, August 31, 2004 -- United Financial Mortgage Corp.
 (Amex: UFM or the "Company") announced today that is has completed the
 acquisition of Vision Mortgage Group, Inc.  ("Vision Mortgage").

 Vision Mortgage, which has served the Rockford (Rock River Valley), Illinois
 area since 1999, was one of the largest mortgage originators in the Rock
 River Valley area in 2003.  Mr. Cass Wolfenberger and Mr. Michael Urnezis,
 founders of Vision Mortgage, will remain with the Company and will serve as
 President and Senior Vice President, respectively, of the Vision Mortgage
 division of UFM.

 For the year ended December 31, 2003, Vision Mortgage originated $148
 million in mortgage loans.  Through the first seven months of this year,
 Vision Mortgage has originated $78.6 million in mortgage loans, with
 purchase money mortgages comprising 65% of its originations.  For the fiscal
 year ended April 30, 2004, UFM had reported revenues of $70.2 million with
 earnings of $.97 per diluted share.


 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 45 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