Lender Operations Ready for January 1, 2000 Mortgage Bankers Association passes American City Mortgage Corp

Business Wire, May 25, 1999

CARSON, Calif.--(BUSINESS WIRE)--May 25, 1999--

American City Mortgage Corp. (ACMC), a Carson-based mortgage lender specializing in minority and low-income loans, announced the company has passed testing by the Mortgage Bankers Association of America (MBA) for Year 2000 compliance.

In October 1998, the MBA made available a publication to help its mortgage banker members prepare for the millennium change. The format uses a task-oriented approach based on a proven methodology for addressing all phases of the compliance process. The non-technical process results in providing bankers with documented strategies and allowing them to make informed decisions. The book is organized into chapters that correlate with the Y2K planning phases described by the Federal Financial Institutions Examination Council. Chapters include Awareness; Assessment; Renovation; Validation/Testing; Implementation; and Customer Risks.

ACMC began its Y2K compliance preparation in January 1998. The MBA requires that all mortgage bankers be Y2K Compliant by March 31, 1999.

Hardware testing consisted of BIOS recognition of a four-digit year. Software testing was done on a separate duplicate LAN environment using clock advances for rollover dates to 9/9/99, 1/1/2000, 3/1/2000 and 3/1/2001.

Examination with MBA was done by direct interfaces with Freddie Mac, Fannie Mae, and Ginnie Mae and included testing for automated underwriting, loan commitment, loan delivery, loan funding, security balance reporting, investor reporting and default reporting. About ACMC

Founded in 1983 by Pat Theodora Sr. and his son Pat Theodora Jr., American City Mortgage Corp. is a single-source, comprehensive provider of mortgage products and services with a strong emphasis on government and agency loans. The Mortgage Company originates, processes, purchases, places and services loans from the application through the life of the loan. American City Mortgage has a staff of 200 in its 14 satellite offices throughout California and its headquarters in Carson and is licensed in California, Colorado, Nevada, Oregon, Texas, Utah and Washington.

For more information, write American City Mortgage, 20501 S. Avalon Blvd., Carson, CA 90746; or call Pat Theodora Sr. or Pat Theodora Jr. at (800) 366-2262. The company's Web site is available at www.americancitymortgage.com.