UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) September 28, 1998
UNITED FINANCIAL MORTGAGE CORP.
(Exact name of small business issuer as specified in its
charter)
ILLINOIS 36-3440533
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
600 Enterprise Drive,
Suite 206
Oak Brook, Illinois 60523
Issuer's telephone number: (630) 571-7222
_________________Not Applicable_________________
(Former name or former address, if changed since last report)
Item 5. Other Events
On September 28, 1998, United Financial Mortgage Corp. (the
"registrant") issued a press release regarding a new automated loan
underwriting system. A copy of the press release is attached hereto
as exhibit 99.
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 hereto duly authorized.
United Financial Mortgage Corp.
Date Signed
October 1, 1998 /s/ Steve Y. Khoshabe
Vice President and Chief Financial
Officer
FOR IMMEDIATE RELEASE:
United Financial Mortgage Corporation Purchased Automated Loan
Underwriting System
Chicago, IL - September 28, 1998 - United Financial Mortgage
Corporation (CHX: "UFM"), of Oak Brook, IL announced it has
purchased the Federal Home Loan Mortgage Corporation's
("Freddie Mac") automated loan underwriting system known as Loan
Prospector. The Loan Prospector system helps automate the home loan
approval process and will allow United Financial to be more aggressive
in pricing its loans for resale.
This system not only provides for what United Financial believes to be
more accurate risk assessment, but aides in reducing documentation
by 40% and loan origination processing time by up to 30%. Most
importantly, when a loan qualifies for the most streamlined
collateral assessment, lenders have experienced up to 60% savings in
the costs of processing and obtaining a traditional appraisal.
United Financial believes it will begin testing the system in October
and begin implementing it into its operations in late November.
Mr. Joseph Khoshabe, President of United Financial Mortgage Corporation
stated "One of the key goals is to automate our loan processing. The
Loan Prospector will allow us to approve loans more quickly while
reducing the purchaser's liability. As we continue to increase our loan
volume through both internal growth and acquisitions, this service will
allow us to handle the growth more efficiently, which should translate
to an improved bottom line."
United Financial Mortgage Corporation is a national mortgage banker
principally engaged in originating retail and wholesale mortgages for
single family residences of one to four units. The Company is
headquartered in Oak Brook, Illinois and has regional offices in
several other states. The Company's web site (www.ufmc.com) allows
consumers to get information on the many different types of mortgage
loans offered by the Company, calculate mortgage payments, and apply
on-line for a mortgage.
This press release may contain forward looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from the statements contained herein. Such risks
and uncertainties include, but are not limited to, changes in the
performance of the financial markets, changes in the demand for and
market acceptance of the Company's products, changes in the mortgage
lending industry or changes in general economic conditions, including
interest rates, the impact of competition, changes in the value of
real estate, the ability to maintain and increase sources of funding,
and other risks disclosed from time to time in the Company's SEC
reports and filings.
For Additional Information:
Steve Khoshabe, Executive Vice President/CFO
United Financial Mortgage Corporation
630-571-7222
www.ufmc.com
[email protected]
Spencer Maus, Director
Dresner Corporate Services, Inc.
312-726-3200, extension 204
[email protected]
