BELLINGHAM, WA–(Marketwired – July 23, 2015) – eXp Realty International Corporation (OTCQB: EXPI) today announced its intention to form a majority-owned mortgage company aimed at creating efficiencies for consumers and providing opportunities for forward-thinking loan officers and mortgage professionals committed to advancing consumers’ best interests. In connection with the initiative, the Company also announced that it is seeking to raise up to $500,000 in additional working capital for the mortgage company via a convertible debenture.
In developing the model for the mortgage company, EXPI has retained the consulting services of industry veterans Timothy Mulvehill and Victor Butschek. Upon formation, the Company expects to appoint Mulvehill as President of its mortgage subsidiary and Butschek as Vice President.
“We recognize the strength of the relationships that are built on eXp’s Cloud Campus on the real estate brokerage side and see the professional development and income opportunities that the right technologies can create for good, committed professionals,” said Mulvehill. “There is complete alignment in the belief that the mortgage company EXPI intends to build can redefine the opportunities available to reputable, credible, service-oriented and compliance-minded mortgage professionals to build their businesses and demonstrate their commitment to the highest standards of practice.”
Mulvehill and Butschek have more than 40 years of combined experience in leadership, mortgage lending, real estate, technology, marketing and construction. EXPI believes that the combination of advanced technology and experience will enable loans to be performed with more efficiency saving both time and money for borrowers.
“This for us represents an opportunity to deliver value to our shareholders by combining our passion for leveraging technology to create opportunities for the very best professionals in an industry with a desire to provide premium loan products and outstanding service to borrowers in a manner that is fully transparent and informative,” said eXp Realty Chairman and CEO, Glenn Sanford.
About eXp World Holdings, Inc.
eXp World Holdings, Inc. is the holding company for a number of companies most notably eXp Realty LLC, the Agent-Owned Cloud Brokerage™ as a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an aggressive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.
eXp World Holdings, Inc. also owns 90.5% of First Cloud Mortgage, Inc. a Delaware corporation launched in 2015 and now licensed to originate mortgages in Arizona, California, New Mexico and Texas.
The corporate name change to "eXp World Holdings, Inc." has been approved by our Board and stockholders but is not yet effective, pending the mailing of a definitive information statement to our stockholders in accordance with applicable rules and a 20-day notice period thereafter.
As a publicly-traded company, eXp World Holdings, Inc. uniquely offers professionals within its ranks opportunities to earn equity awards for production and contributions to overall company growth.
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company's expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company's Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.