HomeSide Lending Launches Online Home Buyers Program on BET.com; New Online Mortgage Solution Provides Assistance to African-Americans

Business Wire, Jan 31, 2001

Business Editors

JACKSONVILLE, Fla. and WASHINGTON--(BUSINESS WIRE)--Jan. 31, 2001

BET.com, the largest African-American Website, has launched on its Home Center channel an additional interactive homebuyers' program developed by HomeSide Lending, Inc., one of the largest mortgage companies in the U.S.

"BET.com is adding innovative technology tools, such as the online-lending program offered by HomeSide, to simplify and speed up the home loan and refinance process," said Scott Mills COO of BET.com. "By partnering with lenders like HomeSide, BET.com's Home Center can provide the online-lending capabilities and personal services necessary for homeownership growth within the African-American community."

BET.com's Home Center offers information on every aspect of the home-buying process--from understanding credit requirements and selecting a real estate professional to applying for a loan online. Through its partnership with HomeSide, BET.com offers users the ability to secure loan approvals online in as little as 10 minutes. HomeSide's solution offers additional advantages over traditional and other online lenders, such as requiring 50 percent less application data and providing a loan approval decision regardless of whether a property has been selected. These advanced lending decision capabilities are made possible through HomeSide's proprietary lending platform, which is powered by Fannie Mae's underwriting technology.

"HomeSide Lending is proud to partner in this important effort between the mortgage finance industry and the African-American community," said Kevin Race, president and chief operating officer of HomeSide Lending, Inc. "We are honored to feature a truly revolutionary lending solution on the BET.com Home Center that will provide African Americans with a fast, convenient solution to homeownership."

About HomeSide Lending

HomeSide Lending, Inc., a wholly owned subsidiary of National Australia Bank (ASX: NAB), is one of the world's largest full-service residential mortgage companies. Headquartered in Jacksonville, Florida, HomeSide has a servicing portfolio of approximately $173 billion, representing 1.9 million homeowners globally. Additional information about HomeSide is available at http://esolutions.homeside.com. HomeSide is an Equal Housing Lender.

About BET.com

Voted "Best African-American Community Site 2001" by Yahoo! Internet Life magazine, BET.com provides a combination of online content and community tailored to the unique interests, preferences and issues of African Americans aged 18-49. In February, BET Holdings II, Inc. (the parent company of Black Entertainment Television) partnered with Microsoft, Liberty Digital, News Corporation, and USA Networks to launch BET.com as the highest profile and most powerful African-American presence on the Internet with $35 million in initial funding. BET.com covers news, health, careers, money, music, home buying, entertainment, romance, food, books, the BET Network and offers stimulating "Zones of Interest" for professionals, women, families, college students and urbanites, as well as the latest communication features. The highest-trafficked African-American site on the Internet, in October the company acquired Russell Simmons' 360HIPHOP.com, a site focused on providing the ultimate online hip-hop experience, including culture, lifestyle and music, as well as news and politics.