Alliance Mortgage Company Selects VirPack.com for Electronic Archive and Delivery; Paperless Storage and Delivery Saves Thousands

Business Wire, June 4, 2001

Business Editors

JACKSONVILLE, Fla.--(BUSINESS WIRE)--June 4, 2001

Alliance Mortgage Company recently acquired VirPack.com's innovative VirPackPrep software to process their daily loan files for on-line storage and electronic delivery. The VirPack solution will save Alliance Mortgage Company thousands in photocopying, printing and overnight shipping costs.

Converting the loan files into VirPack is a dramatic improvement compared to the tedious method of photocopying and overnight courier delivery. Altogether, more that 650,000 pieces of paper will be scanned into VirPack monthly. Alliance will retain a VirPack of the complete loan file in addition to creating VirPack of the collateral files for delivery to their investors and business partners. Retention of VirPack copies will provide Alliance with instant access to the loan documents, to accommodate any customer service needs.

VirPack was installed on workstations in Alliance Mortgage Company's headquarters in Jacksonville, Florida. The loan files were prepared with VirPack.com's innovative Xmark barcodes for indexing and scanned into VirPack for on-line storage and delivery.

Michael Coar, President and CEO of VirPack.com said, "We are pleased that Alliance Mortgage Company has made a commitment to eliminating exorbitant photocopying and shipping costs by selecting our VirPackPrep solution. The monthly savings speak for themselves, and we all know that money saved anywhere in the mortgage process increases the customer's bottom line."

Patrick J. McEnerney, Executive Vice President of Alliance Mortgage Company said, "Once we selected VirPack, we were up and running in three days. VirPack has been readily and openly accepted by our business partners and investors."

Alliance Mortgage Company, headquartered in Jacksonville, Fla., is a full service mortgage company engaged in the origination, purchase, sale and servicing of residential mortgages. Established in 1962, Alliance Mortgage Company is one of the oldest, privately held mortgage-banking companies in the United States. Alliance currently services over $25 billion in loans located throughout the United States and has lending activity covering 44 states. Alliance affiliates include: First Alliance Bank, a federal thrift bank, Pricelinemortgage, a joint venture with Priceline.com, as well as BNY Mortgage Company, a joint venture with the Bank of New York.

VirPack.com, headquartered in Vienna, Va., and development offices in Blacksburg, Va., VirPack.com provides electronic content delivery solutions for any transaction intensive industry. Founded in 1995, the company offers software products that "improve the move" of information by gluing data, documents, and images together in a usable electronic package. VirPack is used throughout the entire mortgage process, bridging the gap between disparate systems, to easily reduce expenses and dramatically improve delivery time.