SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported) April 23, 1998
CFI MORTGAGE INC.
(Exact name of registrant as specified in its charter)
Delaware 0-22271 52-2023491
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) ID Number)
580 Village Boulevard, Suite 120
West Palm Beach, FL 33409
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (561) 687-1595
(Former name or former address, if changed since last report)
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
(c) Exhibits
EXHIBIT NO. DESCRIPTION OF EXHIBIT
99.1 Press Release of the Company dated May
19, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CFI MORTGAGE INC.
By: /S/ CHRISTOPHER C. CASTORO
Christopher C. Castoro
Chief Executive Officer
Dated: May 19, 1998
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION OF EXHIBIT
99.1 Press Release of the Company dated May 19, 1998.
EXHIBIT 99.1
CFI MORTGAGE ANNOUNCES CHANGES IN BANK ONE CREDIT
AGREEMENT DESIGNED TO REDUCE INTEREST EXPENSE IN FUTURE
West Palm Beach, Florida, - May 19, 1998 - CFI Mortgage Inc. (Nasdaq: CFIM)
today announced that Bank One, Texas, N.A. ("Bank One"), has granted CFI's
request to reduce total commitments under its warehouse line from $50 million to
$25 million effective April 23, 1998.
Don M. "Dusty" Lashbrook, Chief Operating Officer of CFI Mortgage, said the
"maximum amount of the warehouse line was not needed now that CFI's master
repurchase agreement with Nikko Financial Services Inc. ("Nikko") is in place
and operational changes have been made to transfer loans from the Bank One
facility to the Nikko facility on a weekly basis. In addition, the ability to
reduce the line came about because of the company's decision to sell all
sub-prime loans within 30 days of closing rather than to hold for
securitization."
Lashbrook said that CFIM initiated discussions in January regarding the
reduction "in order to reduce the quarterly fee paid to Bank One which is based
on the maximum amount of the line." The Bank One warehouse line matures on July
31, 1998.
Presently, CFI Mortgage's credit lines include a $25 million warehouse line
from Bank One, a $50 million accumulation line from Nikko Financial Services,
Inc., and approximately $32.5 million from other sources.
CFI Mortgage, through its wholly-owned operating subsidiaries, Bankers
Direct Mortgage Corp. and Direct Mortgage Partners, Inc., is a rapidly growing
mortgage banker engaged in originating, purchasing and selling conforming and
non-conforming loans on one-to- four family residential units through its
retail, wholesale and consumer finance divisions.
Contact: Don M. "Dusty" Laskbrook
Chief Operating Officer
(561) 687-1595
