S & P Names Seattle Savings Bank as First Select Servicer for Reverse Mortgages; Seattle Savings Bank First Company Added to New Select Servicer List for Reverse Mortgage Loans

Business Wire, Oct 31, 2005

SEATTLE -- Seattle Savings Bank today announces that Standard and Poor's has named the company and its subsidiaries as the first reverse mortgage lender added to the Select Servicer List as servicer of reverse mortgage loans.

Standard & Poor's Ratings Services recently evaluated Seattle Savings, its first Reverse Mortgage Servicer, and added the company to its monthly Select Servicer List, creating a new category. Standard & Poor's admits servicers to its Select Servicer List based on a comprehensive assessment of a firm's operational capabilities for servicing commercial mortgage, residential mortgage, and/or asset-backed portfolios. Inclusion on the Select Servicer List reflects that a firm is performing its duties in an effective and controlled manner and is in general compliance with investor, regulatory, and agency requirements.

Seattle Savings Bank, a financial institution with total assets of approximately $263 million, through its subsidiary, Seattle Mortgage Company., has been offering and servicing reverse mortgage loans for more than 10 years. The organization is the third largest producer and servicer of reverse mortgages in the industry, selling under the brand names Seattle Mortgage and Reverse Mortgage of America.

Available since 1989, reverse mortgages enable seniors (62 years and older) to tap the equity in their home to receive payment, either as a line of credit, a monthly stipend or as a lump sum amount. The proceeds are typically tax-free(1). A reverse mortgage is repaid (on the portion taken) when a senior moves out of his/her house, and, because this is an FHA insured, non-recourse loan, the amount owed can never exceed the value of the home. Because the reverse mortgage loan is very different from the traditional mortgage loan, a particular knowledge and expertise is required to successfully administer a reverse mortgage loan portfolio.

"Providing our customers with the most efficient, professional service is key to our business and to this industry. We appreciate that Standard and Poor's recognizes the level of excellence that has been achieved by Seattle Savings Bank and its subsidiaries," commented Sarah Hulbert, Senior Vice President and National Director of Reverse Mortgages for Seattle Mortgage.

For additional information regarding Seattle Savings Bank and reverse mortgages, please contact Sarah Hulbert at (800) 233-4601 or log on to seattlesavingsbank.com.

About Seattle Financial Group

Seattle Financial Group, a growing network of innovative financial services, is dedicated to constantly meeting the consumer's ever-changing needs. Comprised of Seattle Mortgage, Seattle Savings Bank, Seattle Escrow, Seattle Capital, Reverse Mortgage of America and other brands, the company provides real estate financing, savings products, and associated services for all stages of life. General information about the company can be found at www.seattlefinancialgroup.com or by calling (800) 643-6610.

(1) Consult a tax advisor.