ContiFinancial Corporation, New York, has announced that its wholly-owned subsidiary, ContiMortgage Corporation, has established ContiDirect, a new retail division which will originate subprime home equity loans on a direct-to-consumer basis.One of ContiMortgage's strategic objectives is to have at least 50% of loan originations generated from direct retail and small broker sources. ContiMortgage's retail subsidiaries and small broker sources currently account for one-third of total loan production. To date, retail expansion has been accomplished mainly through acquisitions. ContiDirect is expected to get the company closer to this goal.
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