Pacific Guarantee Mortgage Announces Retirement of President and CEO

Business Wire, Jan 10, 2001

Business Editors

POINT RICHMOND, Calif.--(BUSINESS WIRE)--Jan. 10, 2001

Pacific Guarantee Mortgage Corporation (PGM) has announced the retirement of William D. Osenton, its president and chief operating officer since 1987.

The 56-year old Mr. Osenton stated that, while he still enjoys the challenge of the mortgage industry and running PGM, he wants to spend more time with his family. He said that he would probably continue to support the company part time by performing some consulting services for Prism Mortgage, PGM's parent company.

PGM, one of the largest mortgage brokerage companies in the U.S., began operations in San Rafael, California in 1986. It has since grown to become a national residential loan originator and mortgage bank.

Mr. Osenton took over as president at the end of PGM's first year of operation. During his tenure at PGM, the company grew from a single branch office in northern California to a multi-billion dollar mortgage banker/broker operating out of over 100 offices and doing business in all 50 states. A graduate of Boston College and Loyola University, Mr. Osenton was a founding member of the California Association of Mortgage Brokers.

Mr. Osenton was an early pioneer in developing in-house mortgage relationships with real estate companies (known as "Affiliated Business Arrangements" or ABAs. In 1993, he began developing the concept of net branching at PGM. The company has grown its net branch division to over $2.5 billion in annual production.

In 1998, Mr. Osenton negotiated the sale of PGM to Prism Mortgage Company, a Chicago, Illinois subsidiary of Royal Bank of Canada. At the time, the sale was considered the largest merger of mortgage brokers ever, creating an $8 billion broker/banker operation.

About Prism Financial Corporation

Prism Financial Corporation is a leading national retail mortgage banking company that originated approximately $8 billion in loans in 1999. Based in Chicago, Prism is licensed nationally, with more than 1,100 loan officers in 27 states. Prism operates through more than 160 retail branches as well as through partnerships with major corporations and Internet companies. Prism Financial is a subsidiary of Royal Bank of Canada (TSE, NYSE: RY), a diversified global financial services institution.