CommunityBanksOnline Unveils Online Closing System; TBDocs Expedites Lending Process for Member Banks.

Business Editors

OCALA, Fla.--(BUSINESS WIRE)--March 29, 2004

CommunityBanksOnline (CBO), a web-based mortgage platform of Taylor, Bean & Whitaker Mortgage Corp. (TBW), announced today that its online closing system, TBDocs, has been successfully beta-tested by several of its member banks. The new system will give bankers greater flexibility and control over the lending process. CBO provides 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.

The CBO platform offers instant online loan registrations and rate locks, instant automated underwriting results, electronic file delivery, as well as online closing document preparation and printing. With TBDocs, CBO member banks can close loans and order funds online at their convenience by generating closing documents directly from CBO. Live loan status is also provided for continuous communication. Completely Web-based, the system requires no additional equipment or software for immediate use.

"This offering truly completes the process for our bankers," said CBO Division President Darren Green. "They can input their own fee sheet, submit it directly to a settlement agent, and have the closing package printed on their schedule, at their convenience. That's a level of flexibility most community bankers don't have. Instead, they are at the mercy of a cumbersome, paper-oriented process that is controlled by others. We empower our bankers with the technology and funding needed to control the process."

One of the banks testing the online closing system is New Century Bank of Dunn, N.C. With an expected volume of more than $45 million in mortgage loans this year, an increase of 50 percent over last year's numbers, New Century has flourished under the CBO platform. The bank's mortgage loan manager, Sandra Heath, says the CBO technology has given them the breathing room to grow their business by reducing the mountain of paperwork involved and eliminating the high cost of express mailing documents to complete the lending process.

"TBDocs shortens the process tremendously and for originators that is invaluable," Heath said. "With TBDocs we print the closing documents in house and deliver it to the attorneys in person. The streamlined process helps us provide greater service to our customers.

CBO banker Terrell Duck, of First Piedmont Bank in Winder, Ga., has been using TBDocs for six months. "TBDocs allows me to track underwriting which helps expedite the process of bringing loans to a clear to close status," Duck said. "The speed is phenomenal, I can prepare the closing package in a matter of minutes. It's also an efficient process. Last week I completed two closing packages in less than an hour without any errors. That gives me the freedom to go out and sell more loans."

CBO has made a substantial financial impact within the community banking industry. Last year CBO banks originated $4 billion in loan volume with more than 28,000 loans entered into the CBO pipeline. CBO is in the process of expanding its brand nationally. Already in 2004 the CBO sales presence has been expanded in the Carolinas, Virginia, Maryland, Delaware and Pennsylvania.

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.