Loanshop.com Premiers Enhanced Web Site for Online Mortgage Banking

Business Wire, Oct 5, 1998

PLANTATION, Fla.--(BUSINESS WIRE)--Oct. 5, 1998--

New Automatic Credit Approval and Real-time Loan Status

Update Programs Provide Consumers with

Innovative Service and Support

Furthering its commitment to providing consumers with the industry's most comprehensive and easy-to-use mortgage lending Web site, First Mortgage Network (FMN) today announced a new and enhanced design of its loanshop.com Web site. By implementing state-of-the art customer care tools, and adding educational content, the new loanshop.com site will provide consumers with a comprehensive one-stop online mortgage shopping spot that is simple to use and competitively priced.

The site, which is specifically designed to make the mortgage lending process understandable and easy, is the only online mortgage lender in the industry with the ability to control the entire mortgage transaction - from making the credit decision to funding the loan. The new look and feel of the site provides consumers with a home base - an all-inclusive destination that empowers users to research, apply and complete a mortgage all on the same site.

New features on the site include:

-- Real-time access to status updates of loans in process -- Ability for consumers to receive credit approval within an hour -- An automated loan search and quote program -- A refinance registry -- An expanded lending library which helps educate and empower the

borrower

"As an Internet-specific mortgage banker, we rely on our Web site to service customers," said Jack Rodgers, president, FMN's Consumer Direct Group. "To be successful, the site must be easy-to-use and intuitive to customer needs. The re-designed loanshop.com Web site personalizes the Internet borrowing experience and offers users tools to establish an interactive, two-way relationship with loanshop.com customer service representatives. The new site provides consumers with a full-service, content rich, and user-friendly Internet borrowing spot for home mortgages - all with the most competitive prices in the industry."

"I was quite impressed with the speed and functionality of the loanshop.com site," stated loanshop.com customer, Anne Guanci. "The site truly appeals to customer needs. It was easy to understand and provided me with information on various loan options and costs in a very short amount of time - all from the comfort of my own home."

"The loanshop.com site allowed me to put out my 'feelers' regarding a home loan, without the daunting face-to-face meeting with a Loan Officer at the bank," said Nona Taitz, a recent loanshop.com user. "I liked the feeling that I was in control of the process."

Providing Customers with Real-Time Loan Status Check

The loanshop.com loan status update program makes the lending process easier for a customer to manage the loan process by enabling them to check on the status of their loan application in real-time over the Internet. Users who have submitted mortgage applications to loanshop.com can go to the site, view the status of their application over the Web, and track the status of the loan process. Any information that is submitted to loanshop.com in paper form (such as pay slips, bank statements etc.) is bar coded and entered into the system so that users can check to see when it arrived, if it has been reviewed, and what the status of their mortgage application is.

Fast Credit Approval

Through the implementation of software that provides direct underwriting from Fannie Mae at the point of sale, loanshop.com can provide customers with credit approval within an hour. This unique system removes the uncertainty often felt by consumers during the loan process, providing them with a near immediate response on the approval of their credit needs.

SmartQuote

SmartQuote is loanshop.com's loan search and quote system. Using the program, customers can input information about their mortgage needs and financial background and SmartQuote will search through the thousands of products available in the loanshop.com database for all the programs that meet the customer's criteria. SmartQuote provides the customer with what the payment and closing costs will be for each option, making it easy for the customer to choose the program that best suits their needs.

Refinance Registry

If the interest rate or payment that a user desires is not available on a particular day, loanshop.com's refinance registry will gather the requested rate information, and notify the customer when this rate is available.

Expanded Lending Library

For many, obtaining a mortgage is a confusing task filled with foreign terms and processes. In an effort to help educate would be home buyer's on the mortgage process, loanshop.com has expanded its lending library to provide users with specific useful information on applying for a mortgage. The library contains a wide range of articles and editorial content that empower consumers to make better financial decisions. The library also contains a comprehensive question and answer resource guide, a glossary of mortgage terms, and a step-by-step guide on the mortgage application process.