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Monday July 2, 3:01 am Eastern Time
Press Release
e-Net Financial.com Subsidiary Continues to Grow Rapidly
COSTA MESA, Calif.--(BUSINESS WIRE)--July 2, 2001--Vincent Rinehart, President and CEO of e-Net (OTCBB:ENNT - news), has announced the continued
growth of its wholly-owned subsidiary, American Residential Funding, Inc. Preliminary results showed home loan production has more than doubled over the
same period last year.
For the month of April 2001, the volume of loans closed rose to $45,161,000, an increase of 170% over the April 2000 number of $11,096,000.
For the month of May 2001, the volume of loans closed rose to $48,406,000, an increase of 141% over the May 2000 number of $20,022,000.
Preliminary numbers suggest June will also have similar volume increases over the same period last year.
Jeff Hemm, president of American Residential Funding, said, ``We continue to be ahead of our targets for growth, and remain very enthusiastic about our
progress. The accounting department has added new specialty software to handle the increased volume. Although costly, we expect that this software will
significantly improve our service to our branches.`` Mr. Hemm went on to state, ``The success of recent expansions in Colorado, Texas, Washington,
Nevada and Arizona, in addition to license approvals in over 40 states in which loan business may be conducted, has fueled this growth.``
New Net Branches
Joe Moore and Brian Hickey are recent additions to the AMRES family. In the two months since the new net branch in Huntington Beach, Calif., opened, Joe
and Brian have taken the branch to more than 50 fundings per month. They have found the AMRES platform to be a successful tool in expanding their market
on a national level.
Another recent addition to the AMRES family is our Santa Ana, Calif., net branch. Specializing in conventional loans, and managed by Kathy Yarnell, Jay Pirro
and Yae Hong, they are known to the AMRES family as the ``Angels.`` Since opening the net branch in February 2001, Kathy, Jay, and Yae have taken the
branch to more than 30 fundings per month.
New net branches in Utah, Washington, Colorado and Oregon are expected to commence operations in July.
New Strategic Alliances
1. Wild West Media completed a new AMRES website designed for Net
Branch Development, which can be found at
www.amres.net. The new
look and added functionality has already enhanced the marketing
and service capacity for AMRES.
2. AMRES signed an agreement, whereby CCH will provide State
Compliance Information, Laws and Regulations software to AMRES for
each state. AMRES believes that this software will allow it to
maintain control and compliance of various state regulations..
3. AMRES signed an agreement with Commonwealth Title, which will
result in integration of title insurance functionality for our
loan officers into the AMRES web site. This added feature will
simplify the use of title insurance services for all the AMRES
loan officers and processors.
4. AMRES signed an agreement with Virtual Escrow to provide
nationwide escrow services on line through the AMRES web site,
allowing better control of the loan process, in the case of
refinances, as well as a potential new source of revenue from
escrow fees.
Mr. Hemm added, ``With over 30 excellent applications for new Net Branches pending in several states, AMRES is continuing to exceed the growth goals set
earlier this year.``
This news release may contain forward-looking statements that involve risks and uncertainties, including American Residential Funding, Inc.`s ability to
maintain its licensing approvals in multiple states and its ability to expand its branch operations. Operational results of American Residential Funding Inc. for
the period January through May 2001 may not be indicative of future results or the results of e-Net Financial.com Corp. for the full fiscal year. For a
discussion of factors which could impact e-Net Financial.com Corp.`s financial results, or the results of its wholly owned subsidiaries, and cause actual
results to differ materially from those in forward-looking statements, refer to e-Net`s recent filings with the SEC, particularly the Jan. 31, 2001 Form 10-QSB
filed March 22, 2001. E-Net assumes no obligation to update the forward-looking information contained in this news release.
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Contact:
e-Net Financial.com Corp., Costa Mesa
Vincent Rinehart, 714/866-2100
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