7/7/03--Ocean West Achieves Record Funding
Monday July 7, 9:07 am ET
TUSTIN, Calif.--(BUSINESS WIRE)--July 7, 2003--Ocean West Holding Corporation (OTCBB:OWHC - News), a mortgage banking company, reported funding a record $94,153,951 in mortgage loans in (May 2003), nearly double the May 2002 amount of $54 million.
The Company funded mortgage loans of $90,948,714 in April 2003, the second highest funding in the Company's operating history. (Year-to-date fundings have surpassed $410,446,332 million for the five months ended May 31, 2003, as compared to $268,383,542 million in fundings for the five months ended May 31, 2002.)
Ocean West's CEO, Mark Stewart, said, "I am pleased to report this solid progress to our shareholders. The Company will continue its efforts to achieve increases in loan production at such levels, which has outperformed managements' prior expectations. I believe our new business plan is being validated by our results."
About Ocean West
Ocean West Holding is a publicly traded mortgage banking company (OTCBB:OWHC - News). Ocean West Enterprises, its operating subsidiary, was founded in 1988, and shares of Ocean West Holding Corporation have been publicly traded since 2002. Ocean West currently operates over 100 branch offices and is licensed to do business in 42 states. In fiscal 2002, the Company funded over $669 million in mortgage loans. For more information about the Company, visit Ocean West's website at www.oceanwest.com.
Contact:
Shareholder Relations
Laurie Roop, 435/652-3884
laurie@shareholder-relations.net
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