CyberLoan Network Loan Application Volume Tops $1 Billion in July, Highest One-Month Total Ever for On-Line Mortgage System.

DENVER--(BUSINESS WIRE)--Oct. 7, 1999--

FinancingSources.Com (a/k/a DataMerge, Inc.), a Denver-based developer of on-line loan submission systems for the commercial real estate industry, today announced that on-line loan applications processed through its CyberLoan Network totaled a record $1.06 billion in July, making CyberLoan the first-ever on-line mortgage system -- commercial or residential -- to pass the $1 billion mark in one month.

"Our research shows that the $1 billion in commercial real estate loan applications processed through CyberLoan in July is nearly twice the volume of our nearest competitor," said Spencer Kluesner, chief executive officer of FinancingSources.Com. "What's more, we believe that the three leaders in residential on-line mortgages -- E-Loan (Nasdaq:EELN), Microsoft's MSN Home Advisor (Nasdaq:MSFT), and Mortgage.com (Nasdaq:MDCM) -- combined do not generate that volume of dealflow in a single month."

The CyberLoan Network is an on-line multi-lender loan application system currently used by many of the United States' 500 largest lending institutions. Borrowers seeking to acquire or build commercial properties or multi-family housing access the system and complete a detailed loan application, which is then matched with the underwriting criteria of lenders nationwide and electronically transmitted to those most likely to finance the property.

While many companies such as E-Loan have developed similar systems for the residential mortgage market, CyberLoan Network focuses exclusively on financing for commercial and multi-family properties. CyberLoan Network was the first of its kind and is the only system to electronically transmit loan applications directly to lenders, routing those applications through the lending institution's internal maze to the right department, office and individual loan officer. It also is the only system to incorporate proprietary knowledgebases and expert advice technologies that guide the borrower through the completion of a loan application, ensure the accuracy of information in that application, and raise the qualifications of the borrower.

On September 29, FinancingSources.Com announced it is now licensing technology from the CyberLoan Network to individual lenders for use on their own websites through a new product, CyberLoan Virtual Lender (CVL). CVL works much like the CyberLoan Network, except that it runs on one lender's website and transmits loan applications exclusively to that lender. Lenders facing huge development costs and time commitments to develop an on-line lending system can license CVL at far less cost and get far better technology in as little as 30 days.

Coinciding with FinancingSources.Com's CVL announcement was an announcement that the nation's largest lender to the Chinese-American community, United Commercial Bank (Nasdaq:UCBH), had licensed the first CVL installation.

While CVL is new, the CyberLoan Network has more than 500 participating lending institutions, including GE Capital Real Estate (NYSE:GE), Bank of America (NYSE:BAC), Heller Financial, Inc. (NYSE:HF), Bank One Corp. (NYSE:ONE), The FINOVA Group, Inc. (NYSE:FNV), and Transamerica Corp. (NYSE:TA), among others.

Privately held FinancingSources.Com gained national attention and investor interest as the up-and-coming commercial version of E-Loan following that company's successful initial public offering (IPO). "Most investors are surprised to learn that, in terms of loan application volume, we are bigger than E-Loan and we are growing 25 percent monthly," Kluesner said.

Additional information can be obtained at www.financingsources.com or by calling 800/580-1188.

Editor's Note: The Company has acquired rights to CyberLoan.Com and the servicemark for CyberLoan. Beginning January 1, 2000, the Company, which includes DataMerge, Inc. and FinancingSources.Com, will begin doing business exclusively as CyberLoan.Com.