WMC Mortgage Corp. Opens New Sub-Prime Lending Office in Fresno, Calif

Business Wire, May 15, 1998

FRESNO, Calif.--(BUSINESS WIRE)--May 15, 1998--WMC Mortgage Corp., the nation's second fastest-growing sub-prime lender, Friday announced the opening of a new sub-prime lending office at 1625 East Shaw in Fresno.

The office is one of 50 retail offices nationwide that WMC Mortgage plans to open by year-end for sub-prime borrowers -- those consumers who are unable to qualify for traditional home loans.

"We're pleased to have a presence in the Fresno market," said Brett Floyd, WMC Mortgage vice president of branch sales. "The economic outlook for the area is excellent, and home sales are really heating up, so the timing of this branch office opening couldn't be better."

Floyd noted the firm offers a wide variety of alternative lending programs, including high loan-to-value products, 15- and 30-year fixed and adjustable loans.

"We invite area residents to drop by and talk to us, or call, if they don't have perfect credit -- perhaps they're finding it difficult to qualify or verify income," said Fresno office branch manager Rey Agbayani.

Agbayani, an executive with 10 years of experience in financial services, comes to WMC Mortgage from Corewest Banc, where he served most recently as Fresno branch manager. His career includes positions at Union Bank of California, Long Beach Mortgage, and ITT Financial Services. Agbayani holds a bachelor's degree from Fresno Pacific University, and is active in the local Filipino Chamber of Commerce.

Residents can contact Agbayani and his staff at 209/222-0145 or 800/583-5970. WMC Mortgage currently operates 16 sub-prime branches nationwide, plus a telesales center at its headquarters in Woodland Hills, Calif.

WMC Mortgage, an investment of Apollo Advisors, L.P., is a leading financial services company specializing in sub-prime real estate lending and servicing. Currently the nation's largest wholesale first lien sub-prime originator and the third largest sub-prime wholesale originator, WMC Mortgage had first quarter 1998 sub-prime originations approximating $784 million, with the pipeline of in-process, sub-prime loans totaling $1.7 billion at March 31, 1998.

CONTACT: WMC Mortgage

Kathy Edwards, 818/592-2537

or

Foley/Freisleben, LLC

Jerry Freisleben or Lynn Fireside, 818/986-5700