Argent Mortgage Company Announces Updated Fair Mortgage Lending Practices; Company Invites Other Lenders to Take Similar Steps to Promote Fair Lending for All Consumers.

IRVINE, Calif. -- As part of its ongoing efforts to further the cause for fair lending, Argent Mortgage Company, a leading national mortgage lender, announced the most recent update to its Fair Mortgage Lending Practices. These Fair Mortgage Lending Practices support the company's commitment to developing higher standards and promoting an environment in which informed consumers work with reputable brokers to obtain lending services at a fair and reasonable cost.

Some of the new features of the company's Fair Mortgage Lending Practices were created to help brokers better inform consumers about the mortgage lending process. The first, a consumer education resource center located at www.argentloans.com, walks borrowers through key questions about homeownership, getting a loan, and key lending laws. The company has also added a new set of "plain language" disclosures to the borrower's early RESPA disclosure documents and final closing package. These documents provide information intended to help the borrower better understand the mortgage process, verify key pieces of information, and clearly identify estimated and final costs associated with a mortgage loan.

Argent's dedication to fair lending is further supported by the addition of new limits to broker fees, which may not exceed 5 percent of the loan amount. "Many brokers are concerned about recent and pending legislation and its potential impact on providing fair fees for the valuable services they offer," said Jeff Gillis, executive vice president of operations at Argent Mortgage Company. "We recognize that those same brokers share our commitment to ensuring consumers pay fair costs. We are leading the way by providing cost levels that are fair and reasonable for consumers and brokers alike.

"To that end, we believe that setting higher standards for fair mortgage lending practices is vital to the health of the mortgage lending industry, and will benefit brokers, consumers and the industry at large," Gillis continued. "We hope that other organizations who share our desire to further the cause of fair lending will take similar steps."

About Argent Mortgage

Headquartered in Irvine, Calif., Argent Mortgage Company is a leading national mortgage lender. The company works exclusively with independent mortgage brokers and bankers across the country through loan processing centers in California, Illinois and New York. For more information about Argent Mortgage or to locate an independent mortgage broker near you, visit the company's Web site at www.argentloans.com.

ARGENT MORTGAGE COMPANY(R) BACKGROUNDER 

Argent Mortgage Company, LLC is a leading national wholesale mortgage lender based in Irvine, Calif. Argent works with independent mortgage brokers and bankers throughout the U.S.

Argent Mortgage Company has loan processing centers in Orange and Irvine, Calif., Rolling Meadows, Ill., and White Plains, N.Y., and lends in 48 states. The company sources loans through independent mortgage brokers and bankers across the country.

The company is committed to being the lender of choice by offering quality programs, pricing and service to its customers. The company provides business-to-business origination services through the use of state-of-the-art technology. It also employs skilled lending teams that enable the company to expedite the loan process to the benefit of independent brokers, bankers and prospective borrowers. Independent brokers and bankers working with Argent are assured of working with the same team of professionals on every loan. The company guarantees next-day underwriting for every qualified loan submission from brokers and offers a broad array of loan products suitable to various homeowner needs.

News and other updates from Argent can be found on the Web site at www.argentpresskit.com or by calling 866-274-3672.