California Mortgage Service Wins Approval to Provide Home Loans to CalPERS Members

Business Wire, August 18, 1997

SANTA ANA, Calif.--(BUSINESS WIRE)--Aug. 18, 1997--

As a PERS-approved Lender, Santa Ana-based Mortgage Company is

Authorized to Fund, Service Home Loans to CalPERS' Nearly One

Million Members Under the CalPERS Member Home Loan Program

California Mortgage Service, one of California's leading mortgage banking companies with a servicing portfolio of approximately $4 billion, Monday announced that it has been approved by the California Public Employees' Retirement System (CalPERS) as an authorized home lender under the CalPERS Member Home Loan Lender Program.

As a PERS-authorized lender, California Mortgage Service is permitted to provide purchase and refinance home loans to CalPERS' nearly 1 million members through the public retirement system's CalPERS Member Home Loan Program.

"We're proud to have met the high standards required by CalPERS to be an authorized lender under the CalPERS Member Home Loan Program," said Bob Reyes, California Mortgage Service senior vice president. "We've immediately begun originating PERS loans statewide."

The CalPERS Member Home Loan Program is managed by First Nationwide Mortgage Corp., and allows PERS members to access up to 50 percent of their retirement account funds to use as a down payment on a home loan.

CalPERS is the nation's largest public employee pension system with more than $100 billion in assets. It also manages health and retirement plans for 2,400 local government agencies.

Chartered in 1964, California Mortgage Service is one of the nation's leading independently owned residential loan origination and servicing companies. It offers conventional fixed-rate and adjustable-rate mortgages, FHA/VA, home equity and subprime home loans. It currently services approximately $4 billion in residential mortgages, and expects to originate and fund $300 million in new home loans in 1997.

Through its HomeTec division, California Mortgage Service also originates home loans directly with consumers via its LoanLine, an automated telephone application and pre-approval system introduced in March of this year. HomeTec will begin originating home loans directly with consumers via the Internet in August.

California Mortgage Service has headquarters at 400 N. Tustin Ave., Suite. 300, Santa Ana, Calif., 92705.; 800/464-1262; fax 714/541-6700; URL: www.lowratehomeloans.com .

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