EMB Corp. expects to receive a $2 million cash infusion to open sophisticated mortgage origination offices in Dallas and Atlanta.
The offices, part of the company's Electronic Mortgage Bank system, will feature teleconferencing between borrowers and lenders and a system that expedites loan processing, executives with EMB Corp. said.
Contex Inc. of Naples, Fla., will put up about $1 million to outfit each office, the executives said. Other details of the agreement were not disclosed.
The branches will serve 17 states, said William V. Perry, chairman of EMB Mortgage.
"Opening these regional offices will have a significant impact on our loan production volume," Mr. Perry said.