PHH Mortgage Services and Digital Dialogue Form Relationship To Expand Mortgage Opportunities

Business Wire, May 22, 2001

Business Editors

TAYLOR, Mich.--(BUSINESS WIRE)--May 22, 2001

Digital Dialogue, an Internet-based multi-channel call center that enables credit unions to provide members with 24-hour lending services, today announced that it has formed an alliance with PHH Mortgage Services (PHH), a New Jersey-based company that provides mortgage services to credit unions.

This alliance will allow Digital Dialogue to make mortgage products available to its credit union clients that do not have online or call center capability in this area.

This agreement will also expand PHH's already large credit union market-base. PHH's services include expert counseling, quick processing, origination and servicing of mortgage loans.

"We are excited to have the opportunity to work with Digital Dialogue to offer a valuable financial services option to their respective credit union clients," said Richard Trosko, vice president, PHH Mortgage Services. "We pride ourselves on the fact that our service is excellent and that 94 percent of our credit union customers members would recommend PHH to their family and friends."

This agreement allows Digital Dialogue to market a mortgage program to credit unions that will complement a credit union's existing products and provide them with greater ability to serve their members by offering a complete array of loans for their members.

"This new capability will enable credit unions to offer members 24-hour online and call center access for all types of loans," said Howard Hoemann, vice president of sales and marketing for Digital Dialogue. "We provide the necessary support for credit unions' existing products and the PHH relationship will make available the resources to introduce or expand their mortgage activity."

Digital Dialogue offers four basic services: information collection, credit information, loan decisions, and call center support, all of which include direct interfaces to the host system for electronic exchange of applicant information. Digital Dialogue's information collection function gathers loan applicant information via the Internet or the telephone 24 hours a day. The company also provides credit scoring and loan decisioning for immediate approvals and application processing. In addition, fully compliant loan documentation is downloaded electronically to the applicant's credit union.

About PHH Mortgage Services

An indirect, wholly-owned subsidiary of Cendant Corp., PHH Mortgage Services is a full service lender and a leader in relationship-driven mortgage banking, serving real estate brokers, affinity groups, credit unions, financial institutions, corporations and government agencies. In 1999, PHH Mortgage Services provided more than $25 billion in mortgage financing for American homes. PHH Mortgage Services is currently ranked as the country's seventh largest lender by Inside Mortgage Finance. For additional information about PHH Mortgage Services, visit the company's Web site at www.phhmortgage.com.

About Digital Dialogue

Digital Dialogue is a joint venture between Dialogue Marketing, an award winning call center, and The Maxxar Corp., a well-respected computer telephony integration (CTI) development company with more than 2,000 installations. Digital Dialogue provides financial institutions with high levels of customer and member service using the latest Internet and telephony technologies. The business responds to consumers' rapid adoption of multiple communication channels available 24 hours each day. For more information visit www.digital-dialogue.com.