Groundbreaking Wireless Loan Approval Service for Home Improvement Contractors Launched by DFS Mortgage Services

Business Wire, Feb 1, 2000

Business Editors

VAN NUYS, Calif.--(BUSINESS WIRE)--Feb. 1, 2000

DFS Mortgage Services (DFS) today announced the debut of a new wireless Internet service that will revolutionize the in-home remodeling loan approval process.

Gone are the days of lengthy loan paperwork and the days or even weeks of waiting for loan approval. Home improvement contractors can now offer customers an instant online home improvement loan in their home at the point of sale, 24/7.

Using a unique handheld wireless phone with a built-in keyboard, the contractor fills in the pertinent loan information and within seconds a loan approval is received from DFS.

Financing an improvement project is the first hurdle for most contractors. Traditionally, if a homeowner wanted to finance a home improvement project the contractor would have the homeowner complete a credit application, then either mail or fax it to the lender. This process can take days or weeks for a loan approval. With the wireless method, contractors can start the financing process immediately for their customers.

&uot;Instant loan approval saves customers and contractors valuable time in their hectic lives,&uot; Bernal noted. Many people think their past credit problems or lack of home equity will disqualify them for a home improvement or debt consolidation loan. In reality, many can and do qualify. With the wireless approval process, customers can immediately ascertain how much they can borrow or if potential funding problems exist.

The wireless service is currently available in Southern California. Plans to implement the service within the next 60 days are underway in major metropolitan cities across the United States.

Founded in 1982, DFS is a mortgage-banking firm with headquarters in Van Nuys. Blink-of-the-eye loan approval is just one of the helpful tools and services offered by DFS.

Through a suite of Internet remodeling and lending sites, including RemodelingCash.com and DFSLoans.com, the company also offers definitive resources for both professionals and consumers. This includes educational remodeling information, calculators, independent contractor reference checks, a free contract advocacy on request for its customers and the largest selection of home improvement loans on the Internet.

DFS is a member of The Home Improvement Lenders Association, The League of California Homeowners and The Better Business Bureau and is an approved FHA lender by the Department of Housing and Urban Development.