FT Mortgage Companies Changes Name to First Horizon Home Loan Corporation; National Branding Initiative Will Consolidate All Business Units Under One Name

Business Wire, March 3, 2000

Business Editors

IRVING, Texas--(BUSINESS WIRE)--March 3, 2000

FT Mortgage Companies, one of the nation's top ten mortgage originators, and its business units will become known as First Horizon Home Loan Corporation, company officials announced today. Effective, March 4, all loans, both retail and wholesale, will close in the new name.

The name change is part of the company's strategy to establish a single, national brand built upon the strength of the company's loan consultants who drive business through the company's branch network system. Over the next several months, the new name will be rolled out to the various production units, including Sunbelt National Mortgage, Carl I. Brown Mortgage, Atlantic Coast Mortgage, MNC Mortgage and others. The change comes six months after the company consolidated more than 1,200 employees in its new corporate 300,000 square feet headquarters in Irving, Texas.

"We are positioning ourselves to take full advantage of the market shifts that are creating opportunities in the market today," said Jim Witherow, Chairman and CEO of FT Mortgage Companies. "We understand the sales and marketing tenets that drive this business, and our new identity as First Horizon will support our growth initiatives."

The concept for the change is consistent with the company's parent, First Tennessee National Bank in Memphis, which, as part of its national strategy, has adopted the First Horizon brand for its other national lines of business.

New Brand, Renewed Focus

Research conducted by the company over the past two years underscored the important role the retail loan officer or wholesale account manager plays in customers' experiences of the mortgage process. "The loan officer is seen by customers as the conduit between the borrower, the provider and the process. The more comfortable customers feel with the loan officer, the more confidence they have in the process," said Jerry Baker, President, Mortgage Banking Group for FT Mortgage.

From this research, three core brand promises emerged as the new guiding principles for First Horizon Loans. These promises involve:

-- Reducing the stress associated with the home mortgage process

-- Working hard to establish relationships with our customers

-- Caring about each of our customers

The new promises will be featured in the company's trade, direct mail, print and outdoor advertising programs this year.

In addition, the company has taken measures to re-define service for their customers, placing an emphasis on personalized attention and expanded customer service options. Examples of initiatives include a move to personalized statements, a stream-lined application process, and enhanced payment options.

"It's incumbent upon us to seize this opportunity, and deliver on the promise this new brand will symbolize," said Witherow. "We are privileged to have this chance to create a new identity, built on our customers' needs and our own drive to be truly unique in mortgage financing."

About First Horizon Home Loan Corporation

Established as FT Mortgage Companies in 1995, the company officially launched its new national brand as First Horizon Home Loan Corporation on March 4, 2000.

Headquartered in Irving, Texas, the company has established itself as a nationally recognized leader in the mortgage banking industry. FHHLC ranks among the nation's largest full-service mortgage banking companies in both retail origination and mortgage servicing.

With its commitment to superior customer service and, competitive products, FHHLC is currently ranked 18th in servicing with $48.4 billion in its portfolio (as of Sept. 30, 1999.)

Based on total loans originated during the first 3 quarters of 1999, the company ranked 13th in the nation with $15.67 billion. In retail originations, the company is ranked eighth in the nation with $8.41 billion.

FHHLC is comprised of ten divisions, which will gradually transition to the new brand: Atlantic Coast Mortgage, Carl I. Brown Mortgage, First Tennessee Mortgage, HomeBanc Mortgage, MNC Mortgage, McGuire Mortgage, Sunbelt National Mortgage, National Mortgage Services, Construction Lending and First Horizon Correspondent Services.

First Tennessee National Corporation, headquartered in Memphis, TN, is the parent company of First Horizon Home Loan Corporation. First Tennessee National Corporation, a nationwide, diversified financial services institution, is one of the 50 largest bank holding companies in the United States in market capitalization and asset size. The company's common stock is traded over the counter on the NYSE Stock Market's national market system under the symbol FTN.

SOURCE: FT Mortgage Companies