Mortgage Servicer Trains for Industry Change.

DETROIT--(BUSINESS WIRE)--Aug. 25, 1999--

GCC Hosts Seminar on PMI Cancellations/Terminations

Glenn Computer Corporation (GCC), a Michigan-based loan servicing company, hosted a PMI regulations review seminar for its customers encompassing the recent changes for loan servicing. The PMI Cancellation and Termination act is one of the most complex regulatory changes made since the implementation of Aggregate Escrow Analysis. The seminar covered changes to PMI cancellations and terminations that took effect July 29, 1999. Topics included:

--   Automatic processing of terminations at predetermined dates;
--   Loans covered by the PMI act, including loans with PMI
     requirements, owner-occupied, single family and unit loans;
--   Loans not covered by the PMI act, covering loans not requiring
     PMI, non-owner occupied, two to four family, commercial loans,
     vacation or second homes; and
--   FHA loans and non-residential mortgages.

"The GCC seminar covered important issues to help us better understand these PMI changes," said Tonia Williams, systems administrator at MVB Mortgage Company. "We are fortunate that Glenn Computer offered this seminar and believe it will enable us to provide better service to our customers and stay compliant." "We want to do everything possible to ensure that we keep our clients up to speed," said Glenn Liebowitz, president of Glenn Computer Corporation. "Preparing them for events such as this recent PMI regulation change is crucial to our users' success."

GCC customers have previously processed customer PMI cancellations manually. According to GCC officials, these changes are time consuming and the number of cancellation requests will increase tremendously.

In compliance with the new regulations, GCC has developed a screen within its servicing system that will automatically process the necessary changes for the client when approving customer requested PMI cancellations.

About Glenn Computer Corporation

GCC has been involved in the mortgage industry for over two decades. GCC supports primary secondary market investors, B&C investors, State Housing Development authorities, private secondary investors and portfolio lenders.

The GCC Servicing System has all the transaction processing and data management functions needed for mortgage servicing, investor accounting and regulatory compliance. GCC also offers a loan origination system that includes pipeline management, hedging, warehousing, and closing. For mortgage lenders that are involved in loan servicing, GCC provides a complete service bureau package, which is fully operational 24 hours a day and seven days a week.

For more information, write to Glenn Computer Company, 24370 Northwestern Highway Suite 300, Southfield, MI 48075. Or, contact Glenn Liebowitz, president, by phone at 800-444-2667, fax [phone], or e-mail at [e-mail]. Visit GCC online at www.glenncomputer.com.