Waterfield Mortgage Creates New Fort Wayne Company; Quantum Settlement Services, LLC Expands Locally

Business Wire, Dec 18, 2003

Business Editors

FORT WAYNE, Ind.--(BUSINESS WIRE)--Dec. 18, 2003

Waterfield Financial Corp., a division of Waterfield Mortgage Company, Inc., the largest privately-held mortgage company in the United States, announced that the company is expanding its services with the creation of Quantum Settlement Services, LLC.

According to company officials, the company launch, which is subject to regulatory approval, will make available as many as 40 new job openings during the next 12 months. Quantum projects additional new job opportunities will become available in the second year of operation.

Quantum Settlement Services will manage the ancillary services necessary for Waterfield and its affiliates to close loans. These services include title processing, flood insurance and other mortgage settlement functions. Waterfield plans to invest approximately $450,000 in business equipment and approximately $270,000 in training as it establishes the company as part of its Allen County, Ind. headquarters.

"The creation of Quantum Settlement Services is a natural extension of Waterfield's long-term expansion goals," said Scott Metzger, president of Quantum Settlement Services. "The establishment of Quantum will increase our overall efficiencies by providing the tools necessary to streamline the mortgage closing process. The creation of Quantum would not have been possible without our strong partnership with ATM Corp. of America, a Pittsburgh-based, consultant and technology supplier. Additionally, we are indebted to the Fort Wayne-Allen County Economic Development Alliance (www.theallianceonline.com) and other local and state economic developers for their assistance."

"This announcement is great news for Indiana and its residents with the prospect of 40 new jobs, an investment of $720,000 and the creation of Quantum," said Lt. Governor Kathy Davis, who serves as director of the Indiana Department of Commerce.

Waterfield Mortgage and the Alliance worked closely with the city of Fort Wayne, Allen County and the Indiana Department of Commerce's Region 3 Office to put together a performance-based incentive package potentially totaling $353,000 in benefits for the company. The vast majority of the package was received from the Commerce's Hoosier Business Investment Tax Credit program. In addition, the Indiana Department of Commerce has also offered Waterfield as much as $50,000 in training assistance through the Technology Enhancement Certification for Hoosiers Fund. The City of Fort Wayne and Allen County add support to Quantum's training initiatives by investing a combined $69,000 in training assistance.

"Once again, the City of Fort Wayne and Allen County have come together to cultivate a locally-based company, underlying the commitment to see our community grow and prosper," said Allen County Commissioner, Edwin Rousseau.

"Through the Alliance, our community continues to focus on retaining and adding quality jobs for local residents," said Fort Wayne Mayor Graham Richard. "This cooperative and coordinated approach, quarterbacked by the Alliance, is truly starting to pay dividends for our community. We expect many similar announcements in the near future," added Mayor Richard.

"The Alliance is proud to have coordinated the effort to help grow Waterfield Mortgage Company's operations in Northeast Indiana," said M. James Johnston, chairman of the Alliance Board of Directors. "Retention of key employers like Waterfield is a big part of our day-to-day operations at the Alliance. We applaud the company's consistent investment in our community."

The new office will be located at 3000 East Coliseum Boulevard, near the intersection of Hobson Road and Coliseum Boulevard in Fort Wayne.

About Waterfield Group

Founded in 1928, Waterfield Mortgage Company, Inc. is the holding company of the Waterfield Group. The Fort Wayne, Ind.-based Waterfield Group includes Waterfield Financial Corp., Union Federal Bank of Indianapolis, and Waterfield Insurance Agency.

Waterfield Financial Corp is a mortgage loan origination company with retail operations throughout the United States. Waterfield also provides wholesale originations nationwide. The combined mortgage operations of the Waterfield Group companies are believed to represent the largest privately held mortgage business in the country. In addition, Indianapolis-based Union Federal Bank is the state's largest full-service federal savings bank. Waterfield Insurance Agency is a full-service insurance agency, which markets life insurance, annuities, property and casualty insurance. Waterfield also owns subsidiaries that provide reinsurance and securities brokerage services and products.

The company has more than 40 offices and 250 loan officers located throughout Arizona, California, Colorado, Florida, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Texas, Virginia, Washington and Wisconsin. For more information about Quantum, contact Allison Smith at 678.781.7216.