American Home Mortgage Improves MortgageSelect.com; Introduces Instant Online Pre-Approval and Discounted Closing Costs

Business Wire, Sept 10, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 10, 2002

Site Enhancements Offer Consumers More Features

and New Best Price Guarantee

American Home Mortgage Corp. (NASDAQ: AHMH), one of the nation's largest independent retail mortgage bankers, today announced it added new features to its online mortgage channel, MortgageSelect.com.

The process of applying for a home loan is now easier and more customized with the addition of the following online tools:

- Instant online Pre-Approval

- 30-Second Quick Form

- Home Equity application

- Real time mortgage news

- Voice click and instant chat

- Best Price Guarantee

- Redesigned user interface

MortgageSelect.com's new site enhancements provide consumers with more choices and clear direction, whether they are considering a new home purchase, refinancing, or applying for a home equity loan/second mortgage. The most prominent change noticeable on the site is the new instant online pre-approval, which allows consumers to submit personal information on one brief page and print out a pre-approval letter. Pre-approval is ideal for home shoppers because it clearly determines buying power, calculating the maximum loan amount that a borrower can qualify for based on debt, income and cash down.

"Most online mortgage lending sites provide one complicated, long and confusing form for loan applications," said Melissa Sike, vice president of online marketing. "The new Pre-Approval Form, the 30-Second Quick Form, and the Home Equity application give consumers more control over the loan process, and allow them to customize their relationship with us from the start. We recognize our consumers' needs differ and strive to empower them with choices."

Launched by American Home Mortgage, MortgageSelect.com is one of the nation's top online origination Web sites. The site provides consumers with the industry's most competitive rates, the largest selection of loan products on the Internet, and personal loan consultants to assist users throughout the mortgage process. Consumers can access the following features in real-time:

- Apply for a loan or a pre-approval

- Use decision-making tools and calculators

- Check the status of a loan

- Save on products and services for the home

- Request a credit report

- Track interest rates

In addition to these valuable time saving tools, MortgageSelect.com increased its Best Price Guarantee from $150 to $300, making it among the most competitive in the industry.

About MortgageSelect.com

MortgageSelect.com is the Internet division of American Home Mortgage Corp. Launched in 1999, MortgageSelect.com continues to lead the industry in online technology and service. MortgageSelect.com acquires customers on a variable cost model through private labeling, co-branding partnerships, and over 3,000 affiliates. MortgageSelect.com supports three call centers located on both coasts and is currently ranked as one of the top Internet mortgage lenders by National Mortgage News. For additional information, please visit www.mortgageselect.com.

About American Home Mortgage

American Home Mortgage Holdings, Inc. is an independent retail originator of residential mortgage loans both online and offline. Its online operation, MortgageSelect.com is a leader in online closed loan volume, and has outperformed its online competitors in terms of profitability. Offline, the company has grown organically and by acquisition and now has 131 community loan offices across the country. For additional information, please visit the company's Web site at www.americanhm.com.