Cendant Launches Coldwell Banker Mortgage; New Brand Extension Capitalizes on Trend Toward One-Stop Shopping for Consumers

Business Wire, March 28, 2000

Business Editors

PARSIPPANY, NJ--(BUSINESS WIRE)--March 28, 2000

Cendant Corporation (NYSE:CD) announced today the creation of COLDWELL BANKER(R) Mortgage, a newly branded consumer product of Coldwell Banker Real Estate Corporation and Cendant Mortgage. The extension more closely aligns one of the nation's largest mortgage loan originators with one of the most-respected and recognized names in real estate.

Now available at nearly 500 COLDWELL BANKER offices throughout the nation, COLDWELL BANKER Mortgage is a new `private label' mortgage product that leverages the respective strengths of the Cendant Real Estate Division and enhances the consumers' home buying experience. Similar extensions will also be available for the CENTURY 21(R) and ERA(R) franchise systems.

"The creation of COLDWELL BANKER Mortgage again illustrates the unique position that Cendant has in the real estate industry. We possess the ability to substantially leverage the value of the relationships between our business units for the benefit of our franchise affiliates," said Richard A. Smith, chairman and chief executive officer of the Cendant Real Estate Division. "With our market presence through CENTURY 21, COLDWELL BANKER and ERA - as well as Cendant Mortgage and Cendant Mobility - no other company can bring this kind of added value to brokers, sales associates and consumers."

For prospective homebuyers, COLDWELL BANKER Mortgage combines the value of expert guidance of a COLDWELL BANKER real estate professional with the guaranteed services of one of the industry's premier home financing leaders.

"COLDWELL BANKER Mortgage offers consumers a new level of convenience during the sometimes stressful home-buying process," said Coldwell Banker Real Estate Corporation President and Chief Executive Officer Alex Perriello. "Working closely with our brokerages, we have successfully created another advantage for real estate professionals in the COLDWELL BANKER system."

For more than 90 years, Coldwell Banker has been the country's premier full-service provider of real estate services. Coldwell Banker Real Estate Corporation, a subsidiary of Cendant Corporation (NYSE: CD), franchises over 3,000 independently owned and operated real estate offices with more than 72,000 sales associates throughout the United States, Canada, the Caribbean, Central America, China, Europe, Israel, Mexico, and Singapore. The company is an industry leader in residential real estate, luxury and resort home sales and commercial real estate through COLDWELL BANKER COMMERCIAL(R). The company's award-winning web site is located at www.coldwellbanker.com, which is part of the www.move.com network of relocation, real estate and home-related services resources.

"Combining our customer service guarantees - which are unmatched by the industry - with the power of association with Coldwell Banker and its sister companies, we can now make a compelling presentation to those considering their next home purchase," said Terry Edwards, president of Cendant Mortgage. "We are confident that our guarantees to beat any competing lender's price, deliver a same-day loan decision and meet the closing date will make choosing COLDWELL BANKER Mortgage an easy decision for consumers."

Cendant Corporation is a global provider of consumer and business services. Cendant's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. As a franchisor, Cendant is the world's leading franchisor of hotels, rental car agencies, tax preparation services and real estate brokerage offices. Cendant's Real Estate Division includes: nearly 12,000 residential real estate offices and more than 200,000 sales associates operating under the CENTURY 21(R), Coldwell Banker(R), and ERA(R) brand names; Cendant Mobility, a global leader in corporate and government employee relocation with over 2,000 corporate clients; Cendant Mortgage, the 6th largest retail mortgage originator in the United States with $25 billion in loans closed in 1999; move.com, Cendant's relocation, real estate and home-related services portal on the Internet; and Welcome Wagon, the nation's most extensive neighborhood greeting service. Headquartered in New York, NY, the company has approximately 30,000 employees and operates in over 100 countries. More information about Cendant, its companies and brands may be obtained by visiting our Web site at www.cendant.com or by calling 877-4INFO-CD (877-446-3623).