Wholesale Lending Online Taps Bill Lopez as Director of Mortgage Banking; Industry Veteran Leads Expansion Efforts

Business Wire, April 14, 2004

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SAN FRANCISCO--(BUSINESS WIRE)--April 14, 2004

Wholesale Lending Online (WLO), a provider of mortgage lending solutions, announced it has named Bill Lopez director of mortgage banking. In this role, Lopez is responsible for managing daily operations for WLO.

By overseeing the wholesale operations, Lopez manages daily workflow for processors, underwriters, document drawers and funders. He also oversees daily pricing, investor relations, hedging the locked loan pipeline and insuring all loans adhere to investor and regulatory guidelines. Additionally, Lopez trains and educates brokers on business practices, particularly focusing on alternative documentation loans, or Alt-A products.

"Bill's industry expertise and leadership is an integral part of WLO's commitment to providing excellent service to our clients," said Ash Gujral, vice president for WLO. "Having in-house experts such as Bill gives us a direct advantage in a competitive lending market."

With more than 18 years of experience, Lopez brings a wealth of knowledge to WLO. Prior to working at WLO, Lopez had several supervisory roles with Provident Funding Associates, including wholesale marketing and branch manager where he was responsible for managing more than 50 people on a day-to-day basis. He also worked as a regional branch manager with Great Pacific Bank.

"Joining an organization with WLO's vision is a fantastic opportunity," Lopez said. "Having been in the business for nearly 20 years, I recognize the benefits of alternative documentation loans, and look forward to being a part of WLO's mission to be a leading provider of the Alt-A product."

Created as a division of Preferred Financial Group in late 2002, WLO develops solutions for alternative documentation loans, specializing in the Alt-A product. Since inception, WLO has completed a transaction volume in excess of $165 million, working with more than 75 brokers.

WLO is licensed for business in more than 20 states and will provide loans nationally by year-end. As a direct lender, WLO performs all of the underwriting, document preparation, funding and closing processes in-house. As such, it allows WLO to close loans in a significantly shorter period of time, often within a 24-48 hour time frame.

About Wholesale Lending Online

Headquartered in Millbrae, Calif., Wholesale Lending Online, a division of Preferred Financial Group, is a leading wholesale lender, offering brokers expertise on Alt-A volume and niche loan requirements. Leveraging the 13 years of experience of its parent company, Wholesale Lending Online provides a convenient lending process, which is done in-house using customized technology. For more information, call 650-875-8000 or visit the Web site www.wholesalelendingonline.com.

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