Industrywide Mortgage Exchange (IMX) Names Gear National Sales Director.

SAN RAMON, Calif.--(BUSINESS WIRE)--July 29, 1997--Industrywide Mortgage Exchange, Inc. (IMX) announced the appointment of Jim Gear as its National Sales Director.

IMX has developed an innovative electronic conduit to facilitate the selection, placement and trading of home mortgages between originators and investors. Based in San Ramon, the company is privately owned and operated.

IMX recently announced its new CEO, Mark Korell, who formerly served as President and CEO of Norwest Mortgage and GMAC Mortgage Group. This move reunites Gear with Korell with whom Gear worked with at MGIC Investment Corporation early in his career.

Gear commented, "It's exciting to be here at this early stage of IMX and to be working with the likes of Mark Korell and founder Steve Fraser. We fully expect to impact how the industry places and secures mortgage loans."

As National Sales Director, Gear is responsible for developing trading relationships with wholesale lenders.

Gear's 20 years of experience includes Vice President, National Account Manager of Amerin Guaranty Corporation. Prior to Amerin he was Regional Vice President, Bear, Stearns Mortgage Capital Corporation. Gear earned his BS degree and an MS degree in Marketing from Purdue University.

Gear also encouraged IMX to become involved with two non-profit organizations, the Arthritis Foundation and Habitat for Humanity.

CONTACT: Industrywide Mortgage Exchange

Brandie Young, 510/552-3343

[e-mail]

or

for Industrywide Mortgage Exchange

Kristin Tepe, 404/264-7210

[e-mail]