The Aimbridge Group Adds Mortgage Product Division; Agreement with Loans at Wholesale Gives Credit Unions Opportunity to Offer Home Loans

Business Wire, Jan 13, 2003

Business Editors

DENVER--(BUSINESS WIRE)--Jan. 13, 2003

The Aimbridge Group, a provider of financial products through partnerships with credit unions, announced an agreement with Loans at Wholesale that creates a new mortgage product division for the company, Aimbridge Home Loan.

The agreement enables The Aimbridge Group's credit union customers to offer their members affordable home loans and online access to applications and other information.

"We are focused on offering our credit union customers loan products that allow them to grow relationships with their members," said Steve Bentley, The Aimbridge Group's CEO. "Approximately 40 percent of a credit union's lending portfolio comes from mortgages. Adding a mortgage product division to The Aimbridge Group enhances our offering to our customers. It also presents another lending product to help them improve member retention and foster growth."

Aimbridge Home Loan integrates a hyperlink into the credit union's existing Web site so its members can have instant, seamless access to the mortgage Web site. It allows members to choose a loan program, rate and closing to fit their needs. Automated underwriting produces a loan decision in minutes. Since the necessary documentation is minimal, processing requirements are reduced and simplified. The credit union can co-brand the site so members recognize it as an extension of the credit union's Web site.

"The mortgage industry has become cluttered with large retailers and small brokerages that don't seem willing or able to shed expenses by embracing technology that will allow them to offer improved pricing and cleaner service to customers," Aimbridge Home Loan President Keith Brown said. "Aimbridge Home Loan is one of the fastest, easiest and lowest cost ways to obtain a home loan. It is our goal to provide credit union members with an easily navigable environment where they can quickly find reliable, relevant information, flexible loan analysis functions and compelling savings compared to other mortgage sources.

"The bottom line is we provide greater value by giving the credit unions another way to reach out to more members, which improves member retention and growth as well as allows the credit union to capture a higher percentage of their member base."

Credit unions that have selected Aimbridge Home Loan can offer mortgage loans to their members through two pricing options. The first pricing option allows the credit union to price a loan without the one percent origination fee. This option has been selected by credit unions that primarily do not have an internal mortgage program. The second pricing option mirrors the credit union's internal mortgage pricing matrix. Both options help credit unions retain current members and attract new members offering an affordable mortgage solution.

According to Bentley, credit unions can select the pricing option that works best for them. The first option allows the credit union to provide a mortgage presence without the time and cost of building one from ground zero. The second option is beneficial to those credit unions that already have existing mortgage operations, and helps them maintain higher profit margins.

"One of the greatest benefits of Aimbridge Home Loan is that there are no mortgage operation start-up costs for the credit union," Bentley said. "Aimbridge Home Loan merely earns an administration fee when a loan is processed and approved.

"Aimbridge Home Loan will allow our credit union customers to consistently provide a better home loan experience with dramatic savings to their members. We believe it is one of the most efficient channels for securing home loans."

About The Aimbridge Group

Founded in 1984 and headquartered in Denver, The Aimbridge Group markets financial products, such as auto loans and leases, mortgages and insurance products through partnerships with credit unions. The company, formerly Bentley Networks, Inc., helps their partners attract members and deepen their relationships by providing members with more reasons to do business with their credit unions.

The Aimbridge Group is comprised of five divisions, including Aimbridge Indirect Lending, Aimbridge Leasing, Aimbridge Home Loan, Aimbridge Financial Services and Aimbridge Automotive Group. While the company is headquartered in Denver, it has remote offices in Austin, Texas; Dallas, Texas; St. Louis, Mo.; Pequannock, N.J.; Chicago, Ill.; Charleston, S.C. and Jacksonville, Tampa, Orlando and Miami, Florida.

For additional information, write The Aimbridge Group, 4610 S. Ulster Street, Suite 300, Denver, CO 80237 or contact Andrea Harris at 1.800.729.3536, ext 7206. Visit its Web site at www.aimbridge.com.