DeWolfe Launches Online Mortgage Pre-approval; First in Nation to Go Live with Release 2.0 of Instant Pre-Approval

Business Wire, May 23, 2001

Business/Technology Editors

LEXINGTON, Mass.--(BUSINESS WIRE)--May 23, 2001

The DeWolfe Companies, Inc. (AMEX:DWL), the largest homeownership company in New England, announced today the launch of DeWolfe's online Instant Pre-Approval (IPA) application for consumers seeking pre-approval for purchase money mortgages and refinancings. The Instant Pre-Approval application, which is powered by Fannie Mae's technology, allows the consumer to enter limited financial information, obtain a pre-approval decision online and, if pre-approved, print out the pre-approval letter from DeWolfe Mortgage Services, all in a matter of minutes. IPA offers DeWolfe Mortgage Services productivity improvements by streamlining the pre-approval process.

Paul Harrington, President of The DeWolfe Companies, Inc., stated "IPA is the most recent step in DeWolfe.com's consumer online strategy to provide homeownership information and services in support of The DeWolfe Companies' integrated 'one stop and you're home' vision. We are committed to creating a superior homeownership experience. We are pleased to be able to offer the IPA process to consumers and our sales professionals. IPA will help streamline the consumer experience and will empower our loan officers and real estate agents with necessary tools to deliver our vision."

The new version of the IPA process supports multiple loan products, including fixed and adjustable rate product and provides a significantly easier, more intuitive user experience with better screen layouts and fewer clicks. The application also handles refinancings, including cash out refinancings. "In the current interest rate environment, consumers are refinancing in large numbers. IPA's ability to handle refinancings was a critical factor in our decision to adopt the IPA technology," said Gail Hayes, President of DeWolfe Mortgage Services, Inc.

Online mortgage pre-approval is an important element in DeWolfe online strategy to deploy capabilities that consumers will embrace and that will enhance business productivity.

"Consumers have been slower to adopt online mortgage technologies than some industry forecasts predicted. Security and complexity have been two important limiting factors. With the deployment of IPA technology, we are now in step with our consumers," says John Penrose, President of DeWolfe.com, Inc. and Corporate Vice President for Strategy.

The DeWolfe Companies, Inc. is a provider of homeownership services, including residential real estate brokerage, mortgage banking, insurance, moving and relocation services. The Company offers these services in Massachusetts, Connecticut, Rhode Island, New Hampshire and Maine through more than 113 sales centers and DeWolfe.com.