Tidalwave Seeks Agency-OK'd Company

Tidalwave Holdings Inc., Fort Lauderdale, Fla., has announced an intensified effort to acquire amortgage company that has approvals from Fannie Mae or Freddie Mac. Tidalwavepresident Leon Kline said the company wants to add a division that originates conforming loans, with the aim ofbuilding a long-term servicing portfolio. "Our Investment Mortgage Banking Division, First American MortgageSecurities, has the ability to retain servicing on pools that are currently being bid on a servicing-released basis,"Mr. Kline said. "First American Mortgage Securities management feels that it can immediately provide a conformingdivision with a dramatic increase in per-month originations, where we can retain the servicing." He said theideal acquisition would be a small agency-approved mortgage company that uses a subservicer and whose managementwants to stay on. The company's website address is http://www.tidalwaveholdings.com.