CyberLoan.com Names Vela Executive Vice President of CyberLoan M/H.

Business Editors

DENVER--(BUSINESS WIRE)--Sept. 21, 2000

CyberLoan.com, the Denver-based developer of business-to-business e-finance enabling technologies and online lending exchanges, today announced that Luis F. Vela has been named executive vice president of the CyberLoan M/H division, the unit responsible for the company's online exchange for manufactured housing loans.

CyberLoan M/H gives manufactured housing dealers and their potential customers instant online point-of-sale (POS) credit approvals from multiple lenders, with special emphasis on lower grade "B" and "C" loans that otherwise would take far longer to get approved. With this technology, dealers can sell an estimated 50 percent more homes because buyers with less-than-perfect credit can get approved before they leave the sales lot. This is critically important because manufactured housing sales, like auto sales, are significantly reduced if a buyer is allowed to leave the showroom.

Vela brings to his new post more than 20 years of executive-level experience in the mortgage and real estate development industries. Prior to CyberLoan.com, he was vice president of national community financing at Atlanta-based Conseco Financial Corp. (formerly Greentree Financial Corp.), a unit of Conseco, Inc. (NYSE:CNC), one of middle America's leading sources for insurance, investment and lending products. In that role, Vela managed the company's $330 million manufactured housing community financing portfolio, making him indirectly responsible for nearly 40 percent of the new community development financing market in the United States.

Before Conseco, Vela was senior vice president of acquisitions at Detroit-based Chateau Properties, Inc. (NYSE:CPJ), a manager, developer and owner of 47 communities containing more than 40,000 manufactured home sites. Earlier in his career, Vela was executive vice president and chief financial officer of InterCoastal Communities, Inc. (ICC) in Florida. While at ICC, Vela helped position the company for a three-way merger and eventual initial public offering, which resulted in the largest manufactured housing community real estate investment trust (REIT) in the country.

"The hiring of Lou is a very significant step toward our goal of dominating the manufactured housing online lending market," said Spencer L. Kluesner, chief executive officer of CyberLoan.com. "Lou's extensive experience in the manufactured housing industry will be invaluable, not only as it relates to the day-to-day management of CyberLoan M/H, but also because it will allow him to leverage his existing contacts on behalf of our company. We fully expect that Lou will quickly establish relationships with major manufactured housing dealers, which will allow CyberLoan M/H to scale rapidly and generate significant revenues. Once this is accomplished, we will realize our goal of becoming the first profitable e-finance company."

CyberLoan.com (formerly DataMerge, Inc.) develops web-based, fully automated loan application, processing, underwriting, and closing systems for a number of lending submarkets, including commercial real estate, manufactured housing, multi-family housing, and small-ticket equipment leasing.

CyberLoan M/H is the first fully automated online POS loan processing system for the manufactured housing industry. With CyberLoan M/H, manufactured housing dealers get instant credit decisions and loan quotes from multiple lenders, including quicker quotes for nonconforming transactions. CyberLoan.com estimates this "on-the-lot" instant credit system will increase sales by as much as 50 percent for dealers that use it.

Lenders benefit by eliminating their marketing costs while reducing underwriting and processing costs by as much as 70 percent. The labor intensive tasks traditionally performed by loan officers, underwriters and processors are now fully automated. The first time a lender sees a loan, it is already underwritten and approved, requiring only two phone calls to close.

According to the Manufactured Housing Institute, eight percent of the total U.S. population lives in manufactured homes, 22.7 percent of all new single family homes are manufactured, and the industry has been growing seven percent annually. In 1999, total loans for manufactured housing exceeded $15 billion, according to the Institute. (See www.mfghome.org for more information.)

CyberLoan M/H is offered as both a multi-dealer/multi-lender exchange, and as an Application Service Provider (ASP) product that dealers and lenders can private-label. Both the exchange and ASP product are fully scalable and integrated, permitting sharing of data and loan files within a central processing system. With the ASP product, lenders and dealers can license this technology, and process loan applications through the most advanced system available, without incurring large development and maintenance costs.

Additional information about CyberLoan.com is available at the company's website, www.cyberloan.com, or by calling 303/757-6298.