Waterfield Mortgage Company Celebrates 75 Years of Service and Success

Business Wire, March 10, 2003

Business Editors

2003 MBA Technology in Mortgage Lending Conference & Expo

ORLANDO, Fla.--(BUSINESS WIRE)--March 10, 2003

Waterfield Mortgage Company, Inc., the largest privately held mortgage company in the United States, announced the celebration of its 75th anniversary today at the 2003 MBA Technology in Mortgage Lending Conference & Expo.

Founded in 1928 by Richard Waterfield, the Fort Wayne, Ind.-based Waterfield Mortgage Company, Inc. currently includes Waterfield Financial Corp., Union Federal Bank of Indianapolis and Waterfield Insurance Agency.

Throughout the last 75 years, the Waterfield Financial Corp. has grown to more than 30 offices and 225 loan officers throughout the United States. A technology leader in mortgage origination and servicing, the company closed more than $8.1 billion in FHA, VA and conventional loans in 2002 while operating a servicing portfolio of more than $14 billion.

"Our 75th anniversary marks a significant milestone for us, one in which we celebrate our long-standing achievements in outsourcing paperless processing and our dedication to customer service and customer relationships," said Donald Sherman, president of Waterfield. "In 1928, our founder, Richard Waterfield, thought nothing of getting in his car and driving 160 miles each way in order to deliver the paperwork for a fast closing loan. In 75 years, I can honestly say that, our commitment to our customers hasn't changed from that initial mindset."

According to company officials, the belief that each individual borrower deserves their complete attention and commitment is the pride and joy of the company. Although Waterfield is established as the largest privately-held mortgage company in the U.S., their philosophy remains that of a small company - remaining focused on the customer's every need.

"Waterfield is devoted to consistently offering the expertise and resources that will provide the best and most complete services possible," continued Sherman. "We, as employees, are dedicated to the company and, most importantly, to our customers. This combined dedication is what has allowed us to excel throughout the past 75 years and, I believe, will do so for the next 75."

About Waterfield Mortgage Company

Waterfield Mortgage Company is the parent company of the Waterfield Group, which includes Waterfield Financial, Waterfield Insurance Agency and Union Federal Bank.

Waterfield Mortgage provides retail and wholesale loan originations nationwide. Waterfield Insurance Agency is a full-service insurance agency, which markets life insurance, annuities, property and casualty insurance. Indianapolis-based Union Federal Bank is the state's largest full-service federal savings bank. Waterfield also owns subsidiaries that provide reinsurance and securities brokerage services and products.

The company has more than 30 offices and 225 loan officers located throughout Arizona, California, Colorado, Florida, Indiana, Maryland, Michigan, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas and Virginia. For more information on Waterfield Mortgage please contact Lynn Weaver (260) 434-8434. For information about the Waterfield Group visit the Web site at www.waterfield.com.