QualityStocks News - Loans4Less.com Announces Positive Financial Results for the Third Quarter 2012
Revenues increase 56 percent compared to the third quarter of 2011
Scottsdale, AZ (PRWEB) November 09, 2012
QualityStocks would like to highlight Loans4Less.Com, Inc. (OTCBB: LFLS). The company operates as an online mortgage brokerage firm primarily in the U.S., focused on developing a national loan origination platform for standard “A” paper conforming residential mortgage programs. The company also provides CA rates, terms and costs, daily rate updates, and other market information, as well as real estate commissions.
In the company's news yesterday,
Loans4Less.com announced selected financial results for the third quarter ending Sept. 30, 2012. The quarterly report is available in its entirety on the OTC Markets Web site.
Total third quarter 2012 revenues for the company showed an increase of around 56 percent compared to the third quarter of 2011. The company's third quarter net income showed an increase of 437 percent as compared with the same quarter of the previous year. This substantial improvement is related to greater consumer awareness of Loans4Less.com's online services as well as exceptionally low national mortgage rates.
As of Sept. 30, Loans4Less.com had cash and liquid investments totaling $72.5K, which is an increase of approximately 806 percent over the previous year. The company's total liabilities decreased from around $206.6K to $79.4K, which represents a decrease of around 61 percent.
Despite the current reality that lender underwriting standards allow only best credit quality borrowers to close on their loans, the mortgage origination market is nonetheless expected to stay very active for the remainder of this year. Currently, the mortgage market primarily consists of Fannie Mae/Freddie Mac Conforming fixed rate refinancing loans.
With mortgage rates at record lows, purchase and refinancing activity continues to rise. It is anticipated that highly favorable market conditions will continue facilitating substantial ongoing improvement as Loans4Less.com continues driving business growth and planning initiatives for future expansion. Loans4Less.com is currently interviewing CPA firms with the aim of attaining audited financial statements in the first quarter of 2013 to position itself to be placed in a Recognized Manual and be able to raise capital at favorable terms for growth initiatives.
Loans4Less.com is a publicly traded online mortgage loan brokerage. The company's aim is to become a national loan origination platform for standard “A” paper conforming residential mortgage programs. Loans4Less.com continues to be an A+ TrustLink rated company with the Better Business Bureau and provides highly competitive rates, terms and costs; daily rate updates; and other market information.
The company prides itself on service that is exceptional and honest. Loans4Less.com does not operate a warehouse line of credit, hold trust funds, lend directly or service loans, and Loans4Less.com is not exposed to the risks and/or problems associated with sub-prime or alt “A” lending. The company relies on various wholesale lenders for its retail home loan programs, and the main focus of Loans4Less.com is to rapidly grow gross revenues through smart and cost-effective advertising, licensing, and/or third party agreements that effectively build the company's brand name in order to maximize shareholder values.
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
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