Reliant Financial Service Corp. (RFNS)

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TORONTO, Feb 05, 2007 (BUSINESS WIRE) -- Reliant Home Warranty Corporation (RHWC : RHWC
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, , ) . Boyd Soussana, President of Reliant Home Mortgage (Canada) Inc., Reliant Home Warranty Corporation's Canadian operating subsidiary, recently released the following letter to Reliant Shareholders:
I am pleased to announce we are on the threshold of launching our full spectrum of programs. This will occur during the company's first fiscal quarter of 2007. To this end, we recently received our full insurance underwriting approval from Brit Insurance. As a result of this, our sub-prime lending amortization capacity has now been expanded to 55-years, a Canadian first.
We continue to broaden our suite of innovative offerings to include:
-- Canada's first 55-year amortization program for residential mortgages;
-- Canada's first job loss protection option for residential mortgages;
-- On-line instant approval is available to our mortgage broker partners;
-- A complete broker/underwriter communication interface;
-- Real-time mortgage status updates; and
-- Direct real-time credit bureau interface.
Our team has been working diligently over the last quarter to finalize our warehouse facility and refine our broker network system in order to ensure the success of our launch. We appreciate your continued patience and confidence in our efforts. Please know we are committed to achieving success. Our partners remain steadfast in their support of our business model and confident in the success of our endeavors.
In passing, a recent development in the Canadian residential mortgage marketplace bodes well for us. A major Canadian bank (Bank of Montreal) has discontinued its use of mortgage brokers to market their mortgage products. This move presents an unparalleled opportunity for us to capture a greater share of the Canadian residential mortgage market by developing a prime private residential mortgage product line. Our staff is working with a major Canadian insurance enterprise to develop such an underwriting capacity and exploit the opportunity. You will be kept appraised of these exciting developments that will, no doubt, have a positive effect on our fortunes.
Reliant securitizes its mortgages by accessing several separate sources of capital. Mortgages are sold to institutional investors as well as being securitized through the usual securitization conduits.
Boyd Soussana President and Chief Executive Officer
For more information on Reliant's programs, please visit Reliant Home Warranty Corporation's website: http://www.relianthwc.com.