CFI Mortgage, Inc., Files 12B-25; Company On Target With Growth Objectives.

Business Editors

CLEARWATER, Fla.--(BUSINESS WIRE)--Aug. 15, 2000

CFI Mortgage, Inc. (OTCBB:CFIM), a broad, technology-based consumer finance company serving the national and international markets, announced that yesterday it filed Form 12B-25 with the Securities and Exchange Commission.

Steve Williams, president and CEO stated "the turnaround of CFI Mortgage, which began one year ago, has come full circle as the Company is on target with growth objectives." Williams cited the extra reporting requirements placed on the Company during the current reporting period as the primary reason for the delay and is confident that the filing will be completed by week's end.

The additional reporting requirements for the current period in addition to normal operations include:

-- A full two-year audit of the books and records of Inventek, d.b.a. Surfside
Software Systems; and

-- A full audit of the Company's newly formed subsidiary First United
MortgageBanc, which includes the assets purchased in the quarter from Flamingo
Financial Services.

In addition to reporting information from normal operations for the quarter ended June 30, 2000, the Company also finalized several major financial issues which resulted in the elimination of liabilities from the Company's balance sheet. These issues that were finalized include, but are not limited to, the outstanding claim objections from the Company's bankruptcy filing and the disposition of the Company's former subsidiary, Direct Mortgage Partners, Inc.

Williams further added, "It has been my mission to grow the business both diversely and profitably. While the Company did hire a new Chief Financial Officer on July 18, it did not do so until the Company was profitable." One of the primary responsibilities of this position will be to insure timely reporting with the SEC. The company expects to report net income for the six-month period ended June 30, 2000 as compared to a net loss for the six months ended June 30, 1999.

CFI's goal is to become a diversified eCommerce financial services company with a 50-state lending capability. The company's strategy is to introduce a solution into the financial services marketplace, offering it as the most efficient and flexible web-enabled mortgage solution that supports all borrowing channels, consumer direct, retail and wholesale. For more information on the Company, visit the newly designed website at www.cfiinc.com.

This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.