United Pan Am Financial Corp

The Company is a diversified specialty finance company engaged primarily in originating and acquiring for investment or sale residential mortgage loans, personal automobile insurance premium finance contracts and retail automobile installment sales contracts. The Company targets customers who generally cannot obtain financing from traditional lenders. These customers usually pay higher loan origination fees and interest rates than those charged by traditional lenders to gain access to consumer financing. The Company believes that management's experience in originating, assessing, pricing and managing credit risk enables the Company to earn attractive risk-adjusted returns. The Company has funded its operations to date principally through retail deposits, FHLB advances and whole loan sales at the Bank, and its first securitization of mortgage loans completed in December 1997. The Company's strategy is to undertake controlled geographic expansion of its existing businesses, with particular emphasis in the near term on the national expansion of its mortgage finance operations, and to evaluate possible entry into additional specialty finance businesses which provide the opportunity for attractive risk-adjusted returns.

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