The Miami-based parent of Alternative Lending Group Inc. expects the two, new mortgage-banking offices to add another 25% to a monthly loan-origination production that totaled about $24.6 million in April and $26 million in March.
In a move to improve operating efficiencies, the company divested about $2.7 million in long-term mortgage notes during the quarter. The restructuring effort within the subsidiary's wholesale division resulted in a 20% decrease in total assets or about $8.1 million for the three months ended March 31.
The company reported a net loss of $69,538, or one cent a share, on total operating revenue of $2 million for the second quarter this year, compared with a net loss of $248,977, or 2 cents a share, on total operating revenue of $781,027 for the same period in 2000.
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