Greenlight Originates $1.25 Billion in Home Loans for First Quarter 2003; Nearly 40% of Company's Lifetime Loans Achieved in Only Three Months

Business Wire, April 2, 2003

Business Editors

IRVINE, Calif.--(BUSINESS WIRE)--April 2, 2003

Greenlight Financial Services, one of the fastest growing direct-to-consumer mortgage lenders in the industry, today announced that it provided $1.25 billion in home loans during the first quarter of 2003. Greenlight originated $2 billion in home loans during all of calendar year 2002, its first full year of operations. This successful quarter raises Greenlight's total loan origination volume since inception in September 2001 to over $3.25 billion.

"We are very pleased with this quarter's results," said Jeff Lisinicchia, Chief Financial Officer. "Our production target was $1.0 billion for the first quarter and we not only met our target, but exceeded it by 25%. Our $995 Flat-Fee Refinance Program, launched during the first quarter, was extremely successful. In addition, we continued to build and strengthen our brand in our core markets, as well as beyond them."

This unprecedented growth demonstrates the effectiveness of Greenlight's commitment to consumers, delivering superior customer service, speedy processing and competitive rates. The strong Q1 2003 figures have driven Greenlight's growth to over 400 employees at its offices in Irvine, California, and Green Brook, New Jersey.

"Greenlight prides itself on the best customer service and processing speed, along with highly competitive rates," said Joann Pham, President and CEO, Greenlight Financial Services. "Our tremendous growth, highlighted by the Q1 numbers, is a testament to the effectiveness of our customer-centric approach. While some lenders might take this as a sign they could relax, Greenlight will only continue to innovate and focus on the total customer experience."

As a leader in the next generation of mortgage lending, Greenlight originates first and second mortgages, as well as equity lines of credit. Greenlight's offering is based on three principles: competitive rates, exceptional customer service, and efficient loan processing. These are delivered along with the guarantee that if a client is ever dissatisfied with any aspect of the loan process or service -- or able to find a more competitive rate elsewhere -- they are free to cancel without any cost or obligation. This successful formula has led to Greenlight providing over $3.25 billion in loans for its customers since the company's inception.

About Greenlight Financial Services:

Greenlight Financial Services (www.greenlightloans.com; 866-66-FASTER) has become one of the fastest growing direct-to- consumer mortgage lenders in the industry, providing a combination of advanced technology, competitive interest rates, and outstanding customer service. Greenlight originates first and second mortgages, as well as equity lines of credit. Founded in 2001, Greenlight Financial Services is headquartered in Irvine, California.