New Mortgage Millenium Corporation -NM2C- Announces Completion of Development Phase of Mortgage Broker Website

Business Wire, Dec 9, 1999

LAKE OSWEGO, Ore.--(BUSINESS WIRE)--Dec. 8, 1999--

Beta Testing to Continue with Final Version 1.1

to be Released in January 2000

New Mortgage Millenium Corporation (NM2C), a wholly-owned subsidiary of Loraca International, Inc. (OTCBB:LCAI), a financial services holding company, today announced completion of the development phase of an interactive website focused on the power of the Internet to streamline the mortgage lending process and improve efficiencies for mortgage brokers.

In-house beta testing of the software will be expanded to include selected mortgage brokers. The final software version 1.1 is scheduled to be released in January 2000.

The site will offer many benefits to enhance mortgage production for brokers, including:

-- Automated underwriting of non-prime mortgages

-- Real time loan status inquiries

-- Quick Quote -- a feature using risk-based pricing that instantly

grades a loan file providing the mortgage broker with real time

ability to analyze multiple loan products for a non-prime

borrower

"We are very excited by the progress that is being made in our software development. The wholesale mortgage market remains an important channel of U.S. loan production. Through this software, we believe we have created a unique system to facilitate mortgage broker production, improving efficiencies and reducing costs for both our clients and our organization. We look forward to the completion of beta testing and the roll-out of version 1.1 in January 2000," commented Barney Guy, CEO of New Mortgage Millenium Corp.

About Loraca International, Inc.

Loraca International, Inc. is a financial services holding company. The company's mortgage-lending subsidiary, New Mortgage Millennium Corp., is headquartered in Lake Oswego, Oregon.

Statements in this press release concerning strategy and future operations are forward-looking statements. There are a number of important factors that could cause the actual results of Loraca International, Inc. and New Mortgage Millennium Corp. to differ materially from those indicated in such forward-looking statements. Those factors include, but are not limited to, government regulation, residential real estate values, consumer and mortgage broker acceptance of internet mortgages and processes and insurance, competition, software development risks, general economic conditions such as changes in interest rates and the demand for conforming and non-conforming loans, availability of funding, loan prepayment rates, delinquency and default rates and changes which influence the mortgage and insurance markets generally.