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