In Brief: Loanmining in Deal With First United

July 05, 2000, 1:00 a.m. EDT 1 Min Read

DENVER - Loanmining.com announced a joint venture agreement with First United Mortgage Bank Inc. that will enable Loanmining.com to underwrite and service loans in 35 states.

First United, a subsidiary of CFI Mortgage Inc., agreed to process and close Loanmining.com's Internet and conventional originations. The venture plans to use initial warehouse lines of $125 million.

Loanmining.com, a subsidiary of North Lily Mining Co., was created when the majority shareholders of North Lily - Stephen E. Flechner and Gene Webb - led a conversion of the 84-year-old mining company into a mortgage lender. They said they plan to combine a brick-and-mortar branch network with telephone and Internet sales and eventually to offer credit cards, insurance, auto loans, and home equity loans.

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