IMX Exchange Announces Further Expansion in Western Region; Four New Lenders Join as Internet Network Opens Trading in 10 Additional States.

PHOENIX--(BUSINESS WIRE)--June 7, 1999--

IMX(R) Exchange, the leader in e-commerce for the wholesale mortgage industry, announced today at the National Association of Mortgage Brokers' annual convention that it has added four new lenders and opened up active trading to brokers in 10 additional states during the month of May.

The most recent lenders to join IMX Exchange include Golden National Mortgage Banking Corp., Monument Mortgage, SCME Mortgage Bankers and Union Federal/Waterfield Mortgage. This brings to more than 70 the total number of lenders who have signed onto the system since its inception, using the Internet trading network as a new channel to collectively acquire nearly $1.5 billion in mortgages.

IMX Exchange, which began trading in California in 1997 and in Utah in February, is now fully open to brokers in Arizona, Colorado, Idaho, Montana, New Mexico, Nevada, Oregon, Texas, Washington and Wyoming. Brokers from several other states, including Illinois, New York and Massachusetts, have become members through the Premier Broker program. The Premier Broker program is open to qualified brokers who want to pilot the Exchange in states where IMX is not yet actively trading.

Mortgages are now being placed on the Internet trading network by more than 750 broker shops representing 4,500 loan officers. Nearly 100 broker members have joined the Exchange from outside of California, with due diligence applications pending on more than 300 additional broker shops. To date, more than 100 loans originated from the expansion states outside of California have been traded on the system.

"We chose to launch our aggressive national expansion plans primarily in the Western states due to their proximity to our headquarters in California. Also, many of our current regional lender members can cover these markets easily and wanted to expand their production volumes through IMX Exchange," said Richard Wilkes, IMX Exchange CEO and President. "Our plans are to open trading over the next few months in the larger markets across the country, including Illinois, Florida, Virginia and the New York tri-state area."

"As we looked at the market cycles, we knew we had to prepare for the coming downturn by developing new production channels," said Steve Wilkensen, Vice President, Secondary Marketing, SCME Mortgage Bankers, a regional lender headquartered in San Diego. "IMX Exchange is a new channel that enables us to effectively utilize technology to ensure a consistent supply of mortgages, and it gives us the ability to make great loans available in rural areas where rep coverage is more difficult. We believe IMX Exchange brokers will benefit from our exceptional service levels."

IMX is launching a full slate of broker marketing efforts -- including direct marketing, advertising and local PR -- as it expands into each new market. A series of broker seminars are scheduled during June and July in key Western states, and will be held in major metropolitan areas across the country as the company expands into those regions. IMX Exchange has also developed co-marketing programs targeted at consumers and real estate professionals that it plans to introduce in conjunction with its members.

For more information about IMX Exchange call 1-800-401-4639 or visit the Web site at www.imxexchange.com.

About IMX Exchange

IMX(R) Exchange, the leader in e-commerce for the wholesale mortgage industry, is an Internet-based, business-to-business trading network that brings together mortgage brokers and lenders in the most efficient manner possible. Using a nationwide, anonymous bid-ask exchange, lenders directly access loans posted by originators the moment they appear in the primary market. A transaction fee is paid to IMX Exchange by the lender upon successful closing of the loan.

IMX Exchange boasts 4,500 mortgage originators representing more than 750 mortgage brokerages and 70 mortgage lenders. Active trading began on IMX Exchange in October 1997 and the total volume of loans traded on the network to-date is approaching $1.5 billion. Having proven both the underlying technology and the basic business model with pilot operations focused primarily in California during 1998, IMX Exchange is now undertaking a nationwide rollout which will continue throughout 1999.

Additional comments from some of the new lender and broker members of IMX(R) Exchange:

"We firmly believe that virtual origination on the wholesale side of the mortgage industry is the wave of the future. IMX Exchange understands the mortgage industry and has created the technology and the organization to support this business-to-business e-commerce model."

Mark Korell, FiNet.com--parent company of Monument Mortgage.

"A company of IMX Exchange's caliber has made technological advances that enable us to achieve a broad geographic distribution rapidly so we can market our products more efficiently at a national level. One of the primary strengths we bring to IMX Exchange brokers is a strong niche product we developed and that we securitize which has been extremely successful in achieving compliance with CRA and HMDA requirements."

David Movtady, Golden National Mortgage Banking Corp.

"We can now reach new markets through a more technologically advanced media than in the past. IMX also provides a good sounding board for our rates. We will be able to quickly gauge the efficiency of our pricing and service levels by placing them in front of more people and letting the market decide how competitive we are."

Dave DePodesta, Union Federal/Waterfield Mortgage

"We joined IMX Exchange because we want to make sure our 175 net branches have every resource they need to improve their business. IMX Exchange is ideal for our company because it enables us to provide a valuable e-commerce trading system to our net branches that is monitored and managed by IMX Exchange. We were also impressed with IMX Exchange's closing ratio, which -- at 80% -- is a good indication of the high quality of the broker members on the system."

Ron Temko, YES Capital Funding (California)

"One of the best things about IMX Exchange is the automatic interface with my loan origination software. It's so easy, and there is no double input. With the click of a button, I can compare offers from many lenders and lock instantly."

Jack Pauly, Regent Capital Funding (Arizona)

"I used to spend so much time waiting for confirmation from a lender over the fax machine. Now with IMX Exchange, once I click the mouse I am instantly locked in with accurate pricing."

Steve Holliday, Holliday Financial (Utah)

"I don't know why a broker wouldn't become a member of IMX. Since there's no cost to the broker or the consumer, there is nothing to risk and a lot to gain. How often does that opportunity come around?"

Nagy Heinen, The Greater Mortgage Corporation (New York)