BNC Mortgage, Inc. - BNCM- Profile

BNC Mortgage, Inc. is a specialty finance company originating, purchasing and selling residential mortgage loans secured by one-to-four family residences. The operations of the company are classified into three divisions. The first being the wholesale subprime division which accounts for major portion of total loan originations of the company. The second division is the wholesale prime division which originates comforming loans. The third division is the retail division which markets loans directly to homeowners. The company acquired America's lender Inc. during fiscal 1999. Gain on sale of mortgage loans accounted for 66% of fiscal 1999 revenues; loan origination income, 16%; interest income, 15% & other income, 3%.