Home Loan Center Names John H. Lee Executive Vice President and Chief Financial Officer

Business Wire, Sept 3, 2002

Business Editors

IRVINE, Calif.--(BUSINESS WIRE)--Sept. 3, 2002

Home Loan Center Inc., an Internet-based direct mortgage lender, today announced the appointment of John H. Lee as executive vice president and chief financial officer.

Lee has extensive investment banking, mergers and acquisitions and corporate development experience in the mortgage and financial services sectors.

"We welcome John Lee to his new position at Home Loan Center," said Anthony Hsieh, the company's CEO. "His excellent background in both the mortgage and investment banking industry and his tremendous accomplishments at CIBC World Markets Corp. and Countrywide Home Loans Inc., make him a key addition. I have personal knowledge of John's accomplishments and believe he will assume a strong role at Home Loan Center as we continue to implement our second-generation mortgage model."

Lee, formerly a director of investment banking with CIBC World Markets, headed the West Coast Financial Institutions Group and managed the group's relationships in the banking, specialty finance, e-financial services and mortgage industries.

Prior to CIBC World Markets, Lee was vice president of mergers and acquisitions at Countrywide Home Loans, where he was responsible for all phases of mergers and acquisitions, joint ventures, affinity deals and corporate development analysis. His experience also encompasses the creation of company valuation standards, negotiations, due diligence and post-merger integration, often requiring the simultaneous management of 10 to 15 projects at a time from concept to closing.

"My desire for an innovative and growing company with industry-leading technology and a core consumer focus prompted my decision to join Home Loan Center," stated Lee. "Anthony Hsieh's long and successful history in the mortgage industry and his continued commitment to serving the community add to my excitement about joining Home Loan Center."

About Home Loan Center Inc.

Home Loan Center, based in Irvine, is the first to offer second-generation, Internet-based, direct lending for residential mortgages. Hsieh, who founded the company in 2002, also was the founder of LoansDirect.com, a first-generation, online mortgage lending platform -- industry-recognized for excellence in customer service and product offerings.

Home Loan Center is powered by proprietary PACE technology and serves all potential borrowers regardless of credit profile. The company is staffed with experienced loan agents and offers unmatched service guarantees, including no up-front fees and the ability to cancel at any point in the process.

Note to Editors: PACE is a trademark of Home Loan Center Inc.