Contact Information: CONTACT: Shearson Financial Network Las Vegas, Nevada. Michael Barron 702-868-7922
Shearson Home Loans Branch Grows Loan Volume Amid Industry Woes
| Source: Shearson Home Loans
LAS VEGAS, NV -- (MARKET WIRE) -- April 13, 2007 -- Shearson Financial Network, Inc. (OTCBB : SFNN ) www.sfnncorp.com, announced today that its wholly owned subsidiary,
Shearson Home Loans www.shearsonhomeloans.com has set a year-to-date loan
volume origination record for the Irvine, California based operations
center of the company. Shearson Home Loans has generated loan volume in its
banking loan pipeline of $44 million for the period ended April 10, 2007.
The performance figures represent an increase of over 140% growth in loan
volume over last year. The Company recently opened the Irvine operations
center and despite industry woes, has continued to increase loan production
submitted to its banking division.
"We are pleased that the Company has continued to grow during the
competitive mortgage market here in the Irvine area," stated Doug Lawrence,
President of Shearson Home Loans. "Our management team here has undertaken
an aggressive growth plan and we are seeing great results."
"Their progress continues to underscore that Shearson Home Loans has
maintained a steady and conservative governance which has allowed us to
avoid issues that other companies in the industry are now experiencing,"
said Michael Barron, CEO of the parent company. "We have consistently
stayed away from the sub-prime sector and have chosen to bank only about
20% of our total volume. This strategy has allowed the company to avoid the
pitfalls of financing sub-standard credit and therefore avoid the risks as
well. We believe this strategy is key to our current profitability and
future plans," stated Barron.
About Shearson Financial Network, Inc.
The company is a consolidator of independent mortgage brokerages. Shearson
operates 17,538 sq. ft. of branch office space licensed in 33 states. The
company currently is seeking new branches for its growing network. For more
information, please visit the company's website at
www.shearsonfinancialnetwork.com, www.sfnncorp.com or
www.shearsonhomeloans.com
Statements in this press release other than statements of historical fact,
including statements regarding the company's plans, beliefs, and estimates
as to projected results and market size are "forward-looking statements."
Such statements are subject to certain risks and uncertainties, including
factors listed from time to time in the company's SEC filings, and actual
results could differ materially. These forward-looking statements represent
the company's judgment as of the date of this release. The company
disclaims, however, any intent of obligation to update these
forward-looking statements.