RSI Holdings - RSIH- Profile

RSI Holdings, Inc. operated through its wholly owned subsidiary HomeAdd Financial Corporation. The company operated as a specialized consumer finance company which originates and sells second mortgage residential loans. The loans provided are secured by second and first mortgages. Competitors of the company were finance companies, banks and other financial institutions. The company had the approval of Federal Housing Administration. During January 2000 the company ceased all the operations of HomeAdd Financial Corporation as it was incurring losses and decided to begin the orderly liquidation of its assets and settlement of its liabilities. Origination fees accounted for 86% of fiscal 2000 revenues and gain on sale of loans, 14%.