MortgageBrokers.com Enters the $3.8 Trillion United States Mortgage Market
MortgageBrokers.com Enters the $3.8 Trillion United States Mortgage Market — Executes LOI to Acquire NJ-Based Mortgage Company
Would Generate $400 Million in Mortgage Origination Volume and $6.2 Million in Gross Revenues
NEW YORK, NY and TORONTO — (MARKET WIRE) — 03/20/2006 — MortgageBrokers.com Inc., a subsidiary of MortgageBrokers.com Holdings Inc. (OTC BB: MBKR), announced today that it has a signed a Letter of Intent (LOI) to acquire a privately held New Jersey-based mortgage broker and banker with licenses in seven states in the USA.
Alex Haditaghi, CEO of MortgageBrokers.com, stated, “This proposed acquisition will provide MortgageBrokers.com with a critical point of entry in the lucrative $3.8 Trillion U.S. mortgage market. With an established footprint on the East Coast, this acquisition, once completed, could potentially bring $400 million in mortgage origination volume and $6.2 million in gross revenues to MortgageBrokers.com.”
About MortgageBrokers.com
MortgageBrokers.com is a mortgage brokerage brand and technology firm working on the consolidation of over 40,000 small and medium mortgage broker (SME) shops in North America. MortgageBrokers.com’s consolidation strategy is based on a vision of combining SME brokerages into a scalable operating entity that can better compete in the industry under one recognizable brand. The prime objective is to improve the economic performance of the combined companies though the reduction of operating costs, expansion of a national brand, diversification of product lines and investment in technology.
MortgageBrokers.com is offering an equity participation in its public company, in exchange for mortgage origination books of business, providing mortgage brokers with ownership, a career exit strategy and a retention tool unmatched in the North American Mortgage Market.