Low Cost, Unique Internet Technology Now Available to Sub-Prime Brokers and Wholesale Lenders Through Southern Mortgage Reporting/INFO1

Business Wire, June 26, 2000

Business Editors

NEW ORLEANS--(BUSINESS WIRE)--June 26, 2000

Brokers and wholesale lenders servicing the sub-prime market (A through D) will now have access to low cost Internet technology and services through Southern Mortgage Reporting (SMR), the southeastern regional production facility of one of the largest independent providers of credit information to the mortgage industry, INFO1. The company has acquired OnlineApproval.com, a B2B provider of Internet services including the A through D approval engine which is the only loan approval engine able to give instant Internet approvals for the sub-prime market.

David Glickman, SMR's vice president of Web Initiatives and former owner of OnlineApproval.com, said, "This pairing of OnlineApproval.com and SMR is the perfect match; the OnlineApproval engine to make the rules and the credit data from a national credit reporting company with clout to power the credit decisions for A through D program guidelines."

Through the acquisition, OnlineApproval.com is now a division of SMR/INFO1 and will act as a multi-faceted Web solutions provider and marketplace for the company's broker and wholesale lending customers.

According to SMR/INFO1, the main benefits of the acquisition for brokers is that the new division will offer technology that can be added to any broker's Web site for an interactive element. This feature can be used to attract consumers with A through D credit to pre-qualify and receive rate quotes via the Web using integrated INFO1 triple-repository credit reports. OnlineApproval's A through D approval engine uses all the criteria underwriters consider to make a decision including property, credit, income and assets. Any lender that brokers do business with can be added to the system.

Further, brokers can take part in the division's wholesale lending marketplace through the company's Web site (www.onlineapproval.com or www.info1usa.com) that is expanding as the result of INFO1 partnerships and strategic alliances.

The marketplace allows brokers to pre-qualify loans via all lenders in OnlineApproval.com's database. This is a free service; brokers need only to input their specific loan scenarios in order to use the marketplace.

For wholesale lenders, the company cites OnlineApproval.com's expanded broker reach through SMR/INFO1's long-standing connections in the industry via the lending marketplace as a main benefit, along with the ability to add the A through D engine to any wholesale lender's Web site. When added to a lender's site, this technology becomes a non-competitive place for the lender to direct their customers to be pre-qualified against their program guidelines only, without the marketplace model of multiple lenders.

Kyle McMahan, chairman of INFO1 said, "OnlineApproval.com simply opens up the playing field for both brokers and wholesale lenders alike through technology and introduction. As chairman of one the first credit reporting agencies to have a Web presence, I can't think of a better addition to continue our company's expansion into this medium."

About SMR/INFO1

Southern Mortgage Reporting is the southeastern regional production facility and headquarters of INFO1. INFO1 is one of the largest independent providers of credit information to the mortgage industry. With ten regional offices across the United States, INFO1 provides advanced electronic data interchange (EDI) services (XML, X12 and proprietary), secure Internet and private Wide Area Network connections. In addition to their complete line of credit products to lenders, INFO1 also sells reports from Equifax, Experian and TransUnion directly to the public. Seventy-two-hour dispute resolution and RE-SCORING of credit files is now available at all INFO1 production facilities. Additional products and services include flood zone determinations; "daily" broker rate comparisons, electronic income and employment reports (VIE) and Tax Return Verifications. The company is an approved vendor to Fannie Mae's Desktop Underwriter(R)/Desktop Originator(R) via the MORNETPlus network; is a Freddie Mac Goldworks(R) 24k Service Provider; is a GMAC-RFC's AssetWise credit reporting vendor; and is an approved vendor to ALLTEL's InterView(R)/InterAct(R) via the InterChange(TM) network.

For more information on INFO1 or any of its products contact, Kyle McMahan, at (800) 989-1056 ext. 121, email kylem@info1.tm, or write INFO1 at 6010 Dawson Blvd., Norcross, Ga. 30093. Visit the company's Internet site at www.INFO1.tm.