|Entrust Initiates New Construction Loan Program
DENVER, CO (June 26, 2002) -- Entrust Financial Services, Inc. (ENFN) , announced today that its wholly owned subsidiary, Entrust Mortgage, completed the first phase of its new construction loan program for modular and manufactured housing. The construction loan program is unique in that Entrust will be making both the construction loan and the final permanent loan for modular and manufactured housing. Current plans are to finance new construction in warm weather regions including Florida, California, Arizona, and Texas with the eventual expansion to many of the remaining states in 2003.
"The new construction loan program for modular and manufactured housing is an exciting addition to the Entrust product line. We are extremely pleased to add this new mortgage line that will help increase the tremendous growth in loan volume coming from all of our production channels," stated Scott Sax, President. "With the addition of this new construction loan program and the bulk of the Company's growth projected in the last half of 2002, the Company remains on track to achieve its projected earnings of $1.00 per share for the year 2002," added Mr. Sax
David Morgenstern, Operations Manager commented, "Entrust is anticipating substantial growth in this new construction loan program. While this new loan program is just beginning, we are projecting fast growth with the potential to ramp up in the next 6-9 months to a monthly volume of $20 million or more. Modular and manufactured housing offers an excellent and affordable housing alternative, and construction mortgage financing for modular and manufactured housing offers another strong niche market to enhance Entrust's product line."
Entrust Financial Services, Inc.
Entrust Financial Services, Inc., is a publicly traded (ENFN) holding company with a core focus on wholesale mortgage banking, through its wholly owned subsidiary, Entrust Mortgage Inc. Entrust Mortgage markets consumer financial products, including first and second mortgages, and home equity loans, as well as personal unsecured lines of credit. Entrust Mortgage specializes in limited documentation loans for good credit quality borrowers. Entrust Mortgage is licensed as a mortgage banker in 40 states and provides loan services to its over 6,500 contracted mortgage brokers.