Loraca International, Inc.
Loraca International, Inc. ("Loraca") is a financial services holding company.
It was formed on March 11, 1996, as a Nevada corporation and currently operates
a mortgage bank through its wholly-owned subsidiary, NMMC, Inc. ("NMMC," and
together with Loraca, the "Company"), headquartered in Lake Oswego, Oregon. NMMC
is a New Mexico corporation which was formed on March 28, 1986, under the name
B.C. Trucking, Inc. In 1991, NMMC commenced loan originations and changed its
name to New Mexico Mortgage Co., Inc. In December 1998, the name New Mexico
Mortgage Co., Inc. was changed to NMMC, Inc. NMMC is currently focused on the
origination and sale of non-prime mortgage products in certain western states
and is doing business as New Mortgage Millenium Corp. All of the outstanding
capital stock of NMMC was acquired by Loraca in a purchase transaction on
February 23, 1998.
From 1991 through early 1999, NMMC originated primarily single family,
conventional and government insured mortgage loans. Commencing in March 1999,
NMMC began to shift its focus to origination of non-prime mortgage loans under
the direction of a new management team. See Item 5, Directors and Executive
Officers. As part of its new strategic focus, NMMC closed its retail lending
operations in Albuquerque, New Mexico and Irvine, California and relocated its
principal offices to Lake Oswego, Oregon.
|
