Amstar Reports Net Loss

Amstar Financial Services Inc., Jupiter, Fla., has reported a net loss of $272,610 for the third quarter.The company attributed the loss to expenses incurred in executing bulk loan sales that were not offset by revenues, and to expenses associated with starting its net branching program. Amstar said it would not receive any significant revenues from the branch partners program until the first quarter of 2004. During the third quarter, Amstar won legal judgments totaling $1.3 million and has started collection activities. But the company said it elected not to record a gain on the monies in the third quarter because it is early in the recovery process. Besides the net branching operation, Amstar has a reverse mortgage unit, America's Senior Financial Services, a retail production unit, Jupiter Mortgage, and a wholesale unit, Synergy Mortgage Solutions.