- Annual Meeting
In the early 1980’s, Thomas G. Apel identified a need for quality control within the mortgage industry. He understood the importance of building a company that assures the integrity of lenders’ loans. As a solution, ADFITECH was formed in 1983. In its 30 years of service, ADFITECH has persevered through acquisitions, bankruptcy, and the worldwide financial crisis. Regardless of these tribulations, it thrives and remains the most respected name in quality control in the industry.
Like other successful companies, ADFITECH has proven itself time again when faced with challenges. In 1996, ADFITECH was acquired by Centex, which was the fourth largest home builder in the nation. After ten years, Thornburg Mortgage, one of the nation's largest jumbo loan originators at the time, purchased ADFITECH. Due to a highly leveraged RMBS portfolio, Thornburg became a victim of the mortgage crisis when real estate values peaked in 2006. Thornburg found itself seeking bankruptcy protection. Through no fault of its own, ADFITECH was caught in this reorganization process.
Thornburg Mortgage made the decision to sell ADFITECH and employed Houlihan Lokey to implement the business deal. However, the Official Creditor’s Committee, headed by Jay H. Lustig, stopped the transaction and transferred ownership of ADFITECH from Thornburg to the senior bondholders. In March 2010, ADFITECH issued 6.2 million shares, $3 million in cash, and $23 million in bonds to the senior bondholders. As a result, ADFITECH emerged once again as an independent company.
ADFITECH, acting independently, has continued to grow and assert its presence in the mortgage industry. In 2011, ADFITECH introduced its subsidiary, VLN Inc. (Verified Lending Network). VLN acts as a solution to the issues created by originating non-conforming loans. These problems were a culmination of softening real estate prices, deteriorating underwriting standards, and unjustifiably high credit ratings. The VLN Trading Platform creates liquidity and transparency in the funding, pricing, and trading of individual home loans. With VLN and its strict standards in quality control, ADFITECH is rebuilding confidence in the mortgage industry.
ADFITECH’s common shares are traded over the counter under the symbol ADFT. Also, the company’s bonds trade on FINRA’s Trace system. While not being an SEC filer, financials are available upon request.
2016 audited financial statements are now available
Please fill out the form to request financial information.
The 2018 Annual Meeting of Stockholders of Adfitech, Inc., will be held at the Adfitech corporate headquarters located at 3001 Technology Drive, Edmond, OK 73013 on May 17th, 2018, at 9:00 a.m. local time. If you need directions to attend the Annual Meeting, they can be found below:
Start out going south on Terminal Dr. Turn slight right toward Thru Traffic / Arrivals / Baggage Claim. Turn slight right onto Terminal Dr. Stay straight to go onto S Meridian Ave. Merge onto OK-152 E / Airport Rd toward I-44 / Downtown. Merge onto I-44 E via the exit on the left toward I-40 / Tulsa / Downtown. Merge onto US-77 N via EXIT 127 toward Edmond / Broadway Ext'n. Turn left onto W 33rd St. Turn right onto Technology Dr. Adfitech will be on the left.