Mortgage Logic.com Inc. Reports Internet Mortgage Originations of $23 Million

Business Wire, April 15, 1999

IRVINE, Calif.--(BUSINESS WIRE)--April 15, 1999--

BNC Mortgage Inc. (Nasdaq:BNCM) Wednesday announced that its wholly owned subsidiary, Mortgage Logic.com Inc. (formerly known as America's Lender, "Mortgage Logic"), originated $23 million of mortgage loans through their Internet-based system during March 1999, its first month of operations as a subsidiary.

Mortgage Logic utilizes an Internet-based wholesale lending operation that connects to an automatic underwriting system. This allows independent mortgage brokers to access a borrower's credit history, complete and submit loan applications, and receive loan underwriting decisions through this Internet site.

"As America's Lender, Mortgage Logic has successfully originated loans through the Internet for over one year. With its leading technology, this Internet site has proven to be an efficient and low cost means of originating mortgage loans," stated Kelly W. Monahan, president. "In the upcoming quarter, we will make certain enhancements to our Internet site which will include a consumer direct application," added Monahan.

Mortgage Logic is a mortgage lender specializing in borrowers with conforming credit that generally satisfy the underwriting standards such as those utilized by FNMA and FHLMC. Mortgage Logic currently originates loans in California. It is anticipated that expansion plans will include several Western states.

BNC Mortgage is a specialty finance company engaged in the business of originating, purchasing and selling, on a whole loan basis for cash, conforming and non-conforming, residential mortgage loans secured by one-to-four family residences.

Except for historical information contained herein, this news release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended in Section 21E of the Securities Exchange Act of 1934, as amended and involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements can be identified by the use of words "anticipated", "will", and "would". The company's actual results could differ materially from those anticipated in the forward-looking statements.