EXPU is executing on a solid business plan:
1. They gathered all of the approvals they needed thru the winter to be able to offer FHA, VA, SBA, etc mortgages and loans to customers, and title insurance.
2. They target primarily low-income or damaged credit borrowers in the greater Miami area.
3. They established relationships to get referrals from 37 other financial institutions.
4. They staff up to be able to handle several languages.
5. The goverment cooperates with a stimulus program with numerous incentives, not the least of which is an INSTANT TAX CREDIT for first time home buyers of up to $8000.
6. The economy and markets cooperate as real estate values seem to have bottomed and stabilized.
7. EXPU is expanding with 4X the number of offices and 10X the number of loan officers.
8. $9.6M in mortgages written in the first quarter, and with all of the above, EXPU should reasonably be expected to significantly surpass this number in the second quarter.
If I were going to target a sector of the Miami mortgage market, I don't think I would change a thing to what EXPU is doing.
With all this, EXPU is still largely under the radar. Load up, sit back, and watch this thing climb up and away. And, enjoy the conference call!
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