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Stearns In The News

STEARNS LENDING CONTINUES GROWTH, REPORTING ANOTHER RECORD-BREAKING QUARTER

Stearns Lending Reports All-Time Company Loan Volume Record for Two Consecutive Quarters, Resulting in All-Time Best Six Months

SANTA ANA, Calif., July 31, 2006 -- Stearns Lending, Inc., ("Stearns") a privately owned mortgage company today announced that is has exceeded its all-time revenue record for the first six months of 2006.  Stearns Lending revenue increased 17% in 2006 over the corresponding first six months for 2005 and 39% over the same period in 2004. The company reported a record-breaking first quarter in 2006 when Stearns wholesale revenue increased 31% during Q1 of 2006 over the corresponding quarter for 2005 and 138% over the same period in 2004.

During this time of unprecedented growth, Stearns has invested in the acquisition of talent and development of customer-focused programs, technologies and broker tools.  In the last six months, Stearns Lending has been actively recruiting talent to lead their four key business channels:  wholesale lending, retail lending, consumer direct, and credit unions.  Stearns architected two new websites to meet the evolving needs of homeowners and home buyers including www.stearns.com and www.stearnslending.com.  In addition, Stearns expanded their wholesale division to better serve mortgage brokers across the country.

“While the median price of a home in California continues moving upward toward record levels, home sales have declined on a year-over-year basis.  Some view this as a normal winding down of the real estate cycle, where declining demand eventually erodes price growth and the cycle reverses,” said Ken Richey, Managing Partner at Richey May & Co., a Denver based public accounting and consulting firm specializing in mortgage banking and secondary marketing.  “The highest performing mortgage companies are those with exceptional management leadership, top-notch producers, and sound technology.  Stearns Lending possesses all of these characteristics.  With a focus on the smallest of details in supporting its employees, Stearns appeals to the ever more demanding customer with Stearns-Branded ‘I can help you’ philosophy.”

In order to accommodate for its growth, Stearns has also announced its plans to increase office space for its Santa Ana, Ca Headquarters.  Stearns Lending will be expanding into the Jamboree Center in August and while maintaining its space in Hutton Centre located in Santa Ana, Ca.

“Stearns has been actively seeking outrageously talented industry professionals to join our team,” said Stearns Founder and Chairman, Glenn Stearns. “I have always been a believer in our talent.  This year, our leadership team has proven that they are the best in the market by driving not only record-breaking revenues, but the highest satisfaction levels of our bankers, customers, and employees.”

“Stearns Lending is staffed with the most knowledgeable in the business. They are continually adapting their top-notch lending products to meet the needs of my customers and to ensure that my offerings remain competitive,” said Steven Ligor, President of Family Tree Lending in Anaheim, California.

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About Stearns Lending

Founded in 1989, Stearns Lending, Inc., (www.stearnslending.com), a division of Stearns (www.stearns.com), is a privately-owned mortgage company headquartered in Orange County, CA.  Stearns provides a full range of real estate financing services that include wholesale mortgage lending, retail mortgage lending, credit union, escrow and settlement services. Visit www.stearnslending.com.

Media Contact

For Press and Media contact Laurie Baker Lbaker@stearns.com