Delta Financial Corporation Hires President for Its Fidelity Mortgage Retail Operation

Business Wire, April 13, 2000

Business Editors

WOODBURY, N.Y.--(BUSINESS WIRE)--April 13, 2000

Delta Financial Corporation (NYSE: DFC) announced today that it has hired Paul Banninger to be the President and Chief Operating Officer for its Fidelity Mortgage retail operation. Mr. Banninger will be responsible for overseeing and managing the strategic direction of the Company's entire retail operation. Mr. Banninger will report directly to Hugh Miller, President and Chief Executive Officer of Delta Financial.

Mr. Banninger has 25 years of experience in the mortgage business. During his career, Mr. Banninger has held senior positions in originations, underwriting and servicing. Mr. Banninger's most recent position was President of Conti Direct, where he was responsible for the development and ongoing management of the company's retail call center. Prior to that, Mr. Banninger was a Senior Executive Vice President with Banc One Corporation's consumer finance division, where he managed a branch operation of 128 offices. Prior to that, he was Vice President and Regional General Manager for Household International's consumer finance division.

"We are very pleased that Paul has joined Fidelity Mortgage as its President," said Hugh Miller, President and Chief Executive Officer of Delta Financial. "Since 1997, Fidelity's retail originations have grown 127% and we now have 14 retail offices in eight states. Paul's many years of experience in the retail mortgage business will be instrumental in guiding the continued growth and strategic direction of our retail operation."

Founded in 1982, Delta Financial Corporation is a Woodbury, NY-based specialty consumer finance company engaged in originating, acquiring, selling and servicing non-conforming home equity loans. Delta's loans are primarily secured by first mortgages on one- to four-family residential properties. The Company originates home equity loans primarily in 27 states. Loans are originated through a network of approximately 1,500 brokers and the Company's Fidelity Mortgage retail offices. Loans are also purchased through a network of approximately 120 correspondents. Since 1991, Delta Financial has sold approximately $6.0 billion of its mortgages through 25 AAA rated securitizations. As of December 31, 1999, the Company's servicing portfolio was approximately $3.6 billion.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release, which are not historical fact, may be deemed to be "forward-looking" statements under federal securities laws that involve risk and uncertainties. There are many important factors that could cause Delta Financial Corporation and its subsidiaries' actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to availability of funding, changes in factors influencing the loan securitization market, regulatory changes (legislative or otherwise) affecting mortgage lending activities and the real estate market, competition, loan losses, loan prepayment rates, delinquency and default rates, costs of litigation, general economic conditions, including interest rate risk, future residential real estate values demand for Delta Financial Corporation and its subsidiaries' services, and other risks identified in Delta Financial Corporation's Securities and Exchange Commission filings.