LAS VEGAS, July 19, 2004 (PRIMEZONE) -- Consumer Direct of America (OTCBB:CSUA) (CDA), a leading consolidator of the growing mortgage brokerage business, today announced that its mortgage subsidiaries, closed mortgage loans totaling in excess of $552 million in the Company's first half of 2004. This represents approximately a 254% growth rate over the $140 million in closed loan volume for the first half of 2003.
"We have completed the first half of the year with a considerable increase in the number and dollar volume of closed loans over the same period last year," said Michael Barron, Consumer Direct of America Chairman and Chief Executive Officer. "We expect this strong growth in closed loans to continue through the remainder of the year and anticipate a significant increase in volume during the rest of the year." The open pipeline is a forward indication of how well the Company is doing, added Barron.
The mortgage group of Consumer Direct of America employs over 200 mortgage professionals. The Company operates branch offices in Southern Nevada, Northern and Southern California, and Colorado, and plans to expand its mortgage system across the Western United States this year through acquisition of independent mortgage brokerage companies.
About Consumer Direct of America, Inc.
Consumer Direct of America is a leading consolidator of the growing mortgage brokerage business. The company currently employs over 350 people, 200 of which are residential mortgage real estate brokerage professionals who have closed loan volume of over $815 million and $50 million in real estate sales for the year ended Dec. 31, 2003. Consumer Direct operates a total of 54,000 sq. ft. of telesales and branch office space. Emerging as a national leader in mortgage brokerage and ancillary services, the company plans to have 10 regional hubs across the United States by the end of 2005. The company's core competence in direct-to-consumer marketing technologies and methods results in efficiency rates that are up to 150 percent higher than industry averages. Consumer Direct also leverages its direct marketing expertise to provide third-party direct marketing services to clients. For more information, visit the company's Web site at http://www.cdofamerica.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 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 from expected results. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.