Business
Top 400 Loan Originator 2016 and Update
Top 400 Loan Originator 2016 and Update.
About this update from Loans4less.com, Inc.
[{"type":"text","content":"Loans4Less.com is proud to announce that Steven Mark Hershman closed $49,867,958 in residential mortgage loan production in 2016 as ranked by the National Mortgage News and positioned 390th out of 400 top Mortgage Loan Originators in the United States. There are approximately 158,000 Loan Originators throughout the USA who are associated with banks, credit unions, direct lenders or mortgage brokers. The outlook for 2017 is not expected to be as robust as 2016 due to rising interest rates which has cooled the market for refinancing, however, the Company is confident that it can roll out its new Loans4Less Members Co-op Club and recruit producing Loan Originators in California and then incrementally expand into other states as a licensed Mortgage Broker as directed by Steven Mark Hershman, Broker of Record. The Club plans to recruit members who are licensed as independent commission only salespersons and to staff employees. Loans4Less Members Co-op is an investment club designed to build equity, capital gains and liquidity in LFLS common stock through member open market purchases. This may result in a higher market valuation with each member buying a relative amount of stock for investment purposes, fully-paid with funds from the member's post closing non-qualified earnings contributions and based on the number of closed monthly transactions. The Company expects to issue common stock bonus shares to members who meet certain target standards. For example, assuming the Company recruits 15 members each closing 5 loans per month and they each invest $100 minimum per transaction, then this would result in $7,500 a month invested in LFLS common stock purchases. The Company believes its investment club can become very significant towards our ability to raise capital and become a fully reporting company. We also expect to attract branding partners in general consumer loan advertising and expect to realize a greater value for Loans4Less.com and our Loans4Less Federal Service Mark.The Company repaid $62,700 of $125,000Convertible Notes with the balance extended until paid off or converted into commonstock. The Company is current on $142,000 of its approximate total outstandingobligations of which $79,000 is unsecured revolving debt accruing interest atbetween 8.75%-18.50%. The Company states there are 28,136,730Common Stock share...