CommunityBanksOnline: Four Years of Empowering Community Banks; Wholesale Mortgage Lending Service Provides Funding and Free Software to National Network.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--March 15, 2004

CommunityBanksOnline (CBO), a wholesale mortgage lending service of Taylor, Bean & Whitaker Mortgage Corp. (TBW), is celebrating four years of empowering community banks to offer mortgage loans to their customers. Since 2000, CBO has provided community banks with a free, Web-based, state-of-the-art technology platform to address each step of the lending process from origination to underwriting, closing and funding. During this time the network has grown to include more than 650 banks.

The CBO platform offers instant online loan registrations and rate locks, instant automated underwriting results, electronic file delivery, online closing document preparation and printing, and automated funding. Completely Web-based, the system requires no additional equipment or software for immediate use.

The key to CBO's community banking success has been its focus on the Internet as an instrument of change. According to CBO President Darren Green, the Internet has leveled the playing field for community bankers. "One of the Internet's most important effects on community banking has been the size neutrality it created for these institutions, or the concept that the Internet-oriented community bank is as large as any other bank," Green said. "This gave rise to a unique marketplace concept - combining the efficiencies of the Internet with the hands-on service of a community bank, the very reason why so many consumers choose community banks over their larger competitors."

CBO offers community bankers two Web sites: a Bankers' Site and a Consumer Site. The Bankers' site is the actual complete loan origination system (LOS) where loans are registered, originated, locked-in and underwritten in a matter of minutes. Banks can also track loan documents and gather required RESPA, state and federal mortgage loan disclosure requirements on this site. The free Consumer Site is offered as a resource for the banks' customers, who can use the site to apply for mortgage loans directly. Once the application is completed, the bankers can access the loan through the Bankers' Site. The automation has resulted in a faster turnaround on approvals for customers and has eliminated most of the tedious paperwork as well.

"CBO has provided us with a multi-faceted support structure, including assistance with technical and underwriting issues, timely communication through our e-mail system, and immediate feedback from underwriters," said Mary Jane Davis, assistant vice president of The Bank of Herrin in southern Illinois. "We have shifted the paradigm on larger banks; not only are we able to offer a superior product but we maintain our personal touch in doing so. We now have the advantage."

CBO has made a substantial financial impact within the community banking industry. In just four short years CBO has originated more than $15 billion in loans, including $4 billion last year as the refinancing craze began to wane. More than 80,000 loans have been entered into the CBO system, and the service has provided community bankers with leading-edge software and hardware to run the CBO solution at no charge. Additionally, CBO has provided its network of bankers with countless hours of online and in-person training, maintenance of their systems, educational seminars and workshops, and upgrades to the latest LOS technology for free.

"We consider the more than 650 community banks that comprise the CBO network to be our partners, rather than customers," Green said. "We empowered the community banks during the re-financing boom, and we have prepared them for the next phase by providing a means through technology and innovation to compete with much larger institutions."

CBO is in the process of expanding its brand nationally. The service tapped 25-year mortgage industry veteran David Stallings to spearhead those efforts from coast to coast. Already in 2004 the CBO sales presence has been expanded in the Carolinas, Virginia, Maryland, Delaware and Pennsylvania. "Wherever we go, community banker response to our solutions has been extremely positive," Stallings said. CBO expects the expansion to continue at a rapid pace.

About CommunityBanksOnline

CommunityBanksOnline, developed by Taylor, Bean & Whitaker Mortgage Corp., is an Internet (Web) based mortgage marketplace that combines technological efficiencies with the personal service of community banks. CBO equips local banks with a suite of online tools that streamline and automate the process of originating, underwriting and closing a vast range of loans. Automated technologies, immediate underwriting decisions, live loan status, instant loan registrations and rate locks along with online closing document capabilities, help banks deliver a faster and more efficient mortgage process to their customers. CBO currently works with more than 650 community banks in 29 states. For additional information about CBO, visit www.cbobanks.com.