Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: Redhook who wrote (67026)	4/8/1999 1:40:00 PM
From: Probart	Read Replies (1) \| Respond to of 119973

JBOH running hard now.....

To: Redhook who wrote (67026)	4/8/1999 1:41:00 PM
From: LABMAN	Respond to of 119973

RCCK ROCK FINANCIAL ONLINE FINANCIAL COMPANY Home - Yahoo! - Help Click Here! [ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire ] Thursday April 8, 1:14 pm Eastern Time Company Press Release SOURCE: Rock Financial Corporation RockLoans.com Reports Internet Mortgage Closings of $22 Million in March Website Also Announces Marketing Launch in California BINGHAM FARMS, Mich., April 8 /PRNewswire/ -- Rock Financial Corporation (Nasdaq: RCCK - news), owner and operator of RockLoans.com, announced first quarter Internet closed loan production of $29 million, including $22 million closed in the month of March. The production included conventional, jumbo, sub-prime and FHA insured residential mortgages. The closed loan volume was produced from a limited number of test markets that were launched in mid January. ''We are pleased with the initial results of our formal launch of RockLoans.com,'' said Daniel Gilbert, CEO of Rock Financial. ''As a direct originator offering a full range of loan programs we were able to maintain our high standards of customer service which is imperative for our business. It is our belief that building a loan processing and closing infrastructure capable of closing loans across the country will be an important competitive advantage in the on-line mortgage business. Our 130-person Web sales and processing center is already closing a significant number of loans.'' Rock Financial expects to realize approximately $675,000 of revenue on the first quarter Internet closed production. (This revenue is booked at the time the loans are sold in the secondary market.) With an average loan balance of $110,000, this translates to approximately $2,600 dollars of revenue per loan or 235 basis points per unit closed. ''Our business model is different from the majority of on-line mortgage companies that sell leads and broker loan applications for a significantly smaller per unit fee,'' continued Gilbert. ''Our mission is to provide customers a wide product offering on a direct basis and smoothly and efficiently to close loans wherever they reside in the United States. This enables us to price competitively and generate a significantly higher revenue stream per closed loan, although we provide additional services and accordingly have the added expenses of being a direct lender.'' RockLoans.com also announced it will start marketing in the populous California marketplace. ''We are looking forward to introducing our brand and mortgage programs to Internet savvy Californians,'' said Sonny Spearman, Vice President of Internet Marketing for RockLoans.com. ''Media testing will begin in key California markets in the next couple of weeks and a full roll out is scheduled for summer.'' Rock Financial, owner and operator of RockLoans.com, earned nearly $19 million (pre-tax) on revenue of almost $90 million in 1998. The company closed over $2.3 billion in residential loans last year. ''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release, which are not historical fact, may be deemed to be ''forward-looking'' statements under federal securities laws that involve risk and uncertainties. There are many important factors that could cause Rock Financial Corporation's actual results to differ materially from those indicated in the forward-looking statements. Such factors included, but are not limited to, general economic conditions, including interest rate risk, future residential real estate values, regulatory changes (legislative or otherwise) affecting the real estate market and mortgage lending activities, competition, demand for Rock Financial Corporation services, availability of funding, loan prepayment rates, delinquency and default rates, changes in factors influencing the loan securitization market and other risks identified in Rock Financial Corporation's Securities and Exchange Commission filings. SOURCE: Rock Financial Corporation More Quotes and News: Rock Financial Corp (Nasdaq:RCCK - news) Related News Categories: banking, computers, internet, real estate Help Copyright © 1999 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments? LM